| Autor: |
Evelyn Bose Ekeinde, Adewale Dosunmu, Diepiriye Chenaboso Okujagu, Dumbili Jerome Obazeh |
| Rok vydání: |
2022 |
| Zdroj: |
Day 3 Wed, August 03, 2022. |
| Popis: |
The oil industry is clearly the mainstay of the Nigerian economy, with revenues from the industry accounting for over 80% of the nation's foreign exchange as well as over 80% of GDP. Therefore, the importance of the petroleum industry to Nigeria's development and economic strength cannot be over stressed. This paper discusses the deregulation of the downstream sector of the Nigerian petroleum industry with emphasis on product pump price. Over the years it has been observed that despite the large volumes of revenue coming from the petroleum industry, the price of petroleum products continues in Nigeria continues to rise even with huge amounts of money spent on subsidizing product pump price to keep them affordable to the Nigerian people. The paper tries to analyse the concept of deregulation and how a well-planned and deregulation policy can be effected to achieved the desired goals of product availability and minimal pump prices. It proposes that a truly and fully deregulated downstream will not necessarily result in product pump prices that are lower than the current both in the short or long terms, but in a competitive market with many players compete resulting in product availability and competitive pricing. It puts forward that the government would have to put in place measures to curb corruption and collusion which might disparage on the successful deregulation of the subsector. It proposes that if the deregulation of the downstream is to yield best outcomes especially in product pump price then having an effective domestic refining capacity is very imperative which would include revamping the state owned refineries, issuing licenses’ for the construction of new refineries and operating them optimally. It recommends that the deregulation of the downstream must be gradual in order to achieve its desired goals |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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