The Need For Petroleum Deregulation By Faruq Ogunjimi

It came to a shock to everyone when petroleum was hike by the federal goverment and presently now being sold at the rate of #145 per litre.

This has led to NLC to call on nationwide strike across the country, but the question is despite the federal government promises to reduce price of petroleum, why the increase? Is it that government dont have the money to pay for subsidy again?

I came to think of it, why has private investors not built a refinery in Nigeria despite being given the licence to? At least through this, we would be able to refine petroleum in our country? Dangote is building a refinery in Lagos but not for petroleum, only for diseal which has been deregulated, why?

No private investor will ever build a refinery if government is still regulating the amount, who want to lose? The lowest refinery will cost billions and how do we expect them to gain if government is given them price on the amount to sell.

Some are still confused why the govenment cant pay the subsidy anymore, but the government are saying there is no more dollar, then we become more confused. The only means we get dollars in our country is by selling petroleum, and petroleum value has dropped worldwide and yet we keep importing. Imagine we selling about 80millions tons of petroleum a day which was not even enough and demand suddenly reduced to 50millions tons, how are we going to cope and yet we keep importing.

If government keeps paying on petroleum, how will government import drugs, and other necessities needed by Nigerians?

Through all my research, i arrived to an abrupt end, that we Nigerians are the ones killing each other. In banks, i still do see them display dollar at the rate of #199 a dollar but why are people getting at #325 a dollar. Then i was told it is black market, who are those selling to black Market?

What if petroleum is deregulated, some said the price will be too high, but the price of MTN sim when it first came out was very high, now you can get the sim for just a token amount, why? Because of competition.

If petroleum is deregulated, it might be sold at #325 a litre, but atlong run from effect of competition might drop it to a token amount. If government refuses to deregulate now, there is hight probability they will later.

NLC are claiming to be fighting because of increase in petroleum price, but what they are fighting for is increament of salaries. Over 25 states are owing their workers, if they increase the price, will they be able to pay at all?

Till today, i still blame our past government for looting our money outside the country which is giving us hard time to get back.
I rely on God and seek for his favour on our country, my country, Nigeria.