Mr Obafemi Olawore, the Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), has urged the federal government to consider total deregulation of downstream oil sector as a way to attract more revenue to the government.
Olawore who made the statement while speaking on the backdrop of frequent fuel scarcity across the country, said total deregulation is a way to end the persistent fuel scarcity in Nigeria and attract more investments to the oil sector.
He added that only deregulation would encourage the establishment of private refineries in the country.
He reiterates that a fully deregulated downstream sector will attract more investors in refineries, transportation and depots and these will, in turn, address the lingering fuel scarcity and boost government revenues.
According to him “Deregulation will also enable the Nigeria Railway Corporation to lift more products from the South to other parts of the country at cheaper rates’’.
Olawore advised the federal government to embrace total deregulation and allow market forces to operate.