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By Ijeoma Obioma
The Concerned Energy Consumers in Nigeria (CECIN) has renewed its call for complete deregulation of the petroleum industry after the Nigerian National Petroleum Corporation Limited (NNPCL) raised fuel prices from N885 to N1,030 per litre on October 9, 2024.
CECIN emphasized that full deregulation is essential to create a market environment that attracts investment, optimizes returns, and ensures steady product availability.
Speaking at a press conference in Makurdi, CECIN Coordinator Comrade Innocent Agwa argued that deregulation would put an end to fuel hoarding, attract foreign investment, and curb petroleum smuggling.
Agwa underscored the need to remove government intervention, which, according to him, would foster competition, protect consumers, and stabilize the market.
He urged Nigerians to support the move towards deregulation, which he believes is vital to expanding local refining capacity, upgrading infrastructure, and strengthening Nigeria’s role in the global oil market.
CECIN also called on NNPCL to work closely with stakeholders to address pricing issues and support a deregulated, competitive market that benefits both consumers and the broader economy.
The group reiterated that deregulation was not just about removing subsidies, but about creating a sustainable and efficient oil sector that can drive economic growth and turn Nigeria into a net exporter of refined petroleum products.
Edited by Dada Ahmed.
