The Concerned Energy Consumers In Nigeria (CECIN) has urged the Federal Government to fully deregulate the downstream petroleum sector, following the recent increase in petrol prices. On October 9, 2024, the Nigerian National Petroleum Corporation Ltd (NNPCL) raised the pump price of petrol from N885 to N1,030 per litre.
In a press briefing held in Makurdi, CECIN’s Coordinator, Innocent Agwa, emphasized that complete deregulation would foster competition, attract foreign investments, and eliminate fuel shortages and smuggling. He explained that deregulation would also protect consumer rights, reduce monopolies, and enhance Nigeria’s refining capacity.
Agwa encouraged Nigerians to support the movement for full deregulation to stabilize the sector and boost the economy. He also expressed optimism about the impact of upcoming refineries, such as Dangote’s 650,000BPD refinery, in making Nigeria a net exporter of crude oil.
