In an interview with Sunday Mirror, Adeniran said it would be like supporting government’s inefficiency if deregulation is given a nod. He reminded government that diesel had been deregulated for years but that it had not led to any positive change in pricing.

“Government should produce enough fuel for local consumption; however, the private sector should be given the opportunity to partake in the oil business. They should be allowed to sell the products the way they want, even if they like they should be exporting refined products, but they should not be allowed to sell higher than the price government sells to Nigerians.

“Our argument has been that it should not be completely deregulated but partially regulated that is 75 per cent of the petroleum industry should not be deregulated; only 25 [per cent should be deregulated to the extent that all the by-products even from private and local industries would be received by government and the prices would be controlled”.

He said lack of transparency and accountability in our petroleum industry has grossly undermined the economy in recent years.

SOURCE: National Mirror.