THE DEREGULATION OF THE DOWNSTREAM OIL SECTOR: MATTERS ARISING
The Federal Government surprised most Nigerians last week, with the sudden deregulation of the down stream petroleum sector. After preaching, cajoling, persuading and even begging President Muhammadu Buhari to deregulate the downstream since the day he came to office, many of us- diehard proponents of deregulation were beginning to give up hope. I almost gave up hope after the global oil price came below 30 dollars per barrel, extinguishing all forms of subsidy and nothing happened. That was a perfect time to deregulate and yet government stubbornly stuck to its position. Instead it took the ill-advised cosmetic step to reduce the price of PMS from 87 to 86.50 Naira per liter. ...