The President Mubammadu Buhari administration has announced that Nigeria’s downstream oil sector has been deregulated.
Minister of State for Petroleum Resources, Timipre Sylva, spoke on Thursday at a ministerial briefing.
He noted that the reduction in the pump price of the Premium Motor Spirit aka petrol two months ago was deregulation.
The cost of PMS was then reduced from N145 to N125 per liter.
“I am not just announcing deregulation today. Deregulation took effect on March 19, Fortunately, we have completely deregulated the product supply system, so we took out subsidies from PMS”, NAN quoted him as saying.
“I see some kind of paradox because we started by trying to stop product smuggling across our borders. With deregulation and removal of subsidy, I see us getting to the point where we might encourage development of the market even outside our borders.”