The rise in the landing cost of petroleum products has raised calls for the deregulation of the downstream sub-sector of the oil and gas industry in Nigeria.
This comes with stakeholders reiterating the need for the Federal Government to fully deregulate the fuel market
Due to the shortage of foreign exchange and increase in crude oil prices, private oil marketers stopped importation into the country, making the Nigerian National Petroleum Corporation the sole importer of petrol into the country for more than a year.
However, the Federal Government had on May 11, 2016, announced a new petrol price band of ₦135 to ₦145 per liter, a move described as a partial deregulation as it signaled the end of fuel subsidy.
