The executive secretary of moman, obafemi olawore, emphasised the need for federal government to consider total deregulation of downstream oil sector, just as the national president of ipman. Downstream oil deregulation concerned with energy and deregulation of power and energy sectors deregulation of downstream oil industry. Strategic sectors such as oil and gas as well as the power sector should be deregulated and privatized for sustainable national development key words: deregulation, privatization, upstream, downstream, oil and gas sector, curse. Petroleum downstream sector deregulation posted by admin on 2009-01-05 13:22:27 utc ever since independence, government's involvement in petroleum pricing and related activities over the years has resulted in the under recovery of costs by the tema oil refinery (tor.
Deregulation of t he downstream secto r of the nigerian petroleum industry, as co nceived in 20 03, involved the removal of government co ntrol on petroleum products prices and the remova l of r. Meanwhile, in view of government‟s plan to deregulate the downstream oil and gas sector (petroleum refining & marketing), industry experts believe this move will open up the sector to new investments. Senate president, abubakar bukola saraki, on monday said that petroleum industry bill (pib) will provide legal backing for the deregulation of downstream petroleum sector he also said that the. According to him, dappma has for the past 10 years actively canvassed a complete deregulation of the downstream sector of the nigerian oil and gas industry with its attendant benefits for the sustenance and growth of that vital sector of the economy.
Faculty of law university of benin privatisation and deregulation of the downstream sector of the to the downstream sector of nigeria's oil and gas industry. By implication, the deregulation of the downstream sector of the oil industry was expected to have thrown the market open for differential in petroleum prices as marketers were expected to be free to offer products in a competitive atmosphere in order to gain the attention of the market. In recent years, deregulation of the downstream sector of the oil and gas industry has become a controversial issue in nigeria in 2003, the federal government bedevilled with fiscal deficit, high external debt, unfavourable. The purpose of this study is to examine the effects, challenges and prospects of the deregulation of the downstream oil and gas industry in nigeria to establish this objective, an analysis was conducted to evaluate findings on the effects, challenges and prospects.
Believe that deregulation of the downstream sector was a solution the downstream sector of the oil and gas industry is currently partially deregulated, making it difficult for prices of petroleum products to be market determined. With announcement of deregulation of diesel prices in october, 2014, the downstream oil and gas industry was free to fix prices of all products based on global prices this helped oil marketing companies (omc) to avoid under recoveries, which they suffered during the days of regulation. The history of oil industry in nigeria, especially the downstream sector, is the history of scarcity and arbitrary price increases of petrol products, subsidy payments and the removal of subsidy by successive governments. The oil and gas drilling sectors are recognized as being a vital part of the us economy, both in the long- and the short-term in recent decades, however, they have been subject to scrutiny on. In the new petroleum industry bill (pib-draft) currently before the national assembly on restructuring of the nigerian petroleum industry, there is a proposal for complete deregulation of the downstream sector and the creation of a separate downstream regulatory body.
Section 1 short title - this act shall be known as the downstream oil industry deregulation act of 1998 sec 2 declaration of policy - it shall be the policy of the state to liberalize and deregulate the downstream oil industry in order to ensure a truly competitive market under a regime. The independent petroleum marketers association of nigeria (ipman) and depot and petroleum products marketers association (dappma. The lcci president suggested speedy passage of the petroleum industry bill, adding that it would give effect to the much-needed reforms in the oil and gas sector.
The federal government has announced a full deregulation of the downstream sector of the nigerian petroleum industry, pushing the price of petrol to about n145 a litre. The nigerian oil and gas industry has been experiencing a showdown since the announcement of the downstream oil deregulation policy this paper, therefore, seeks to analyse the relationship between deregulation of the downstream sector and nigerian economic performance using annual data from 1980 to 2009. Deregulation of the downstream oil sector in nigeria as a panacea to economic recovery of the country, largest undergraduate projects repository, research works and materials.
This is the reason why many businesses welcome deregulation with open arms and exhort the governments to decontrol and deregulate more sectors so that the private companies would have the chance to bring in efficiencies and actualize synergies leading to a win-win situation for both the businesses and the consumers. The objective of deregulation and privatisation of the oil and gas industry is to enable private investors to invest in the sector in other to eliminate constant shortages of fuel and gas in the country. I have noticed that some commentators on this issue mistake deregulation of fuels prices with the deregulation of the entire downstream petroleum sector (which comprises of refining, supply and distribution, supply and distribution infrastructure such as pipelines, depots, terminals, etc, and finally retail fuel stations.
The opening of mexico¶s oil and natural gas sector could expand us-mexico energy trade and provide opportunities for us companies involved in the hydrocarbons sector, as well as infrastructure and other oil field services. To investigate the likely effect of the deregulation of the downstream oil sector on the living standard of the people to examine the pre- and unrealistic deregulation era and make critical comparism to explore the reasons why partial deregulation has not yielded the desired result in terms of prices and supply. The independent petroleum marketers association of nigeria (ipman) and depot and petroleum products marketers association (dappma) have called for the total deregulation of the downstream sub-sector of the country's oil and gas industry.