Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, Tuesday, disclosed that the idea of price stabilisation which led to the introduction of fuel subsidy in the 1970s, had grown into a huge financial burden on the nation’s treasury over the years.

In a statement in Abuja, Kyari noted that the drain of subsidy payments on the country’s finances necessitated its removal in March 2020. He explained that the deregulation of the downstream sector of the oil and gas industry in Nigeria would increase investment in the refining business and facilitate exponential growth in the nation’s refining capacity.

He stressed that the move would not only free up the much-needed cash to fund infrastructural development, but would also eliminate market distortion, foster competition between operators, get more private sector players to build refineries in the country and promote efficiency across the entire value chain.

Click on the link below for full report

Source: SweetCrudeReports