The Major Energy Marketers Association of Nigeria (MEMAN) has urged the Federal Government to implement full deregulation and liberalization of the oil and gas sector as the nation grapples with ongoing fuel scarcity and skyrocketing petrol prices. This call comes in the wake of a sharp increase in petrol prices, which have surged to around ₦900 per litre in Lagos, up from the previous rates of ₦568 and ₦617.
According to *Daily Trust*, full deregulation could drive petrol prices even higher, potentially reaching nearly ₦1,500 per litre. This projection is based on current landing costs, which are estimated at approximately ₦1,200 per litre. MEMAN stressed that the current state of the industry requires urgent reforms to stabilize the market and reduce Nigeria’s dependency on imported petroleum products.
During a virtual conference themed *“Optimizing the Nigerian Oil and Gas Industry,”* MEMAN made several recommendations to address the challenges plaguing the sector. Chief among them was support for local refineries to decrease reliance on fuel imports. The marketers also called for more autonomy, advocating for freedom to source crude oil from both local and international suppliers. They proposed that Nigerian refineries be allowed to enter into processing agreements with retail companies, providing more flexibility in fuel distribution.
In addition, MEMAN proposed the formation of Petroleum Industry Consultative Committees (PICC) to mediate and address ongoing disputes within the industry. These disputes, notably involving Dangote, local refiners, NNPC Limited, and other regulators, have contributed to market instability.
As fuel scarcity continues and prices spiral, MEMAN’s call for full deregulation underscores the urgent need for systemic reforms in Nigeria’s oil and gas sector. Without these changes, Nigerians may face further economic strain due to rising fuel costs and insufficient supply.
