Petroleum Stakeholders Seek Deregulation Amid Fuel Shortages

Downstream petroleum industry stakeholders are convening with Senate and House Committees on Petroleum Downstream to resolve nationwide fuel scarcity issues. The meeting aims to establish a permanent solution for the ongoing shortage.

At a hearing at Abuja's National Assembly Complex, stakeholders requested the National Assembly to fast-track the Petroleum Industry Governance Bill. They argue this legislation would enable sector deregulation and increase private involvement.

Minister of State for Petroleum Resources Ibe Kachikwu highlighted a critical price gap between petrol's landing cost at N171 per litre and the official pump price of N145 per litre. He called for government action to permit individual petroleum product imports.

The Nigerian National Petroleum Corporation reported 4,501 trucks diverted during late 2017 fuel scarcity, indicating significant logistical strain from the shortage.