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government deregulation jdtrendz12 federal rules oil sector complete 39am

Federal Government Rules Out Complete Deregulation Of Oil Sector. by jdtrendz12:39am
Federal Government Rules Out Complete Deregulation Of Oil Sector. by jdtrendz12:39am
The Federal Government, yesterday, ruled out total deregulation of the downstream sector of the petroleum industry. The government added that it was aware that any attempt to deregulate and effect an increase in the prices of petroleum products, especially Premium Motor Spirit, PMS, would have serious negative consequences for the country.

Osinbajo also blamed government’s involvement for the failure and near collapse of Kaduna, Warri and Port Harcourt refineries, adding that in the new modular refineries’ initiative, oil producing communities would be made to acquire stakes in refineries set up in their locality, while the federal and state governments would have some stakes in it as well as private investors.

Osinbajo said the Federal Government was committed to creating an enabling environment for private sector participation and investments in modular refineries, noting, however, that it is aware of the challenges and complications posed by the non-deregulation of the sector.

In spite of the challenges, he stated that the Federal Government cannot afford to undertake a complete deregulation of the sector, as it would bring untold hardship on a vast majority of Nigerians. He said the government had reached a conclusion that it would focus on moderating the sector and would continue to intervene to ensure it creates a balance.

He said: “There are those who are saying we need to deregulate fully. Why are they saying that? It is because if we do not deregulate, it is not cost effective for those who are producing PMS to sell. At the same time, if you deregulate completely, prices of everything else is going to go up.....

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Federal Government Rules Out Complete Deregulation Of Oil Sector. by jdtrendz12:39am00