According to Professor Pat Utomi, an economics professor, Nigeria possesses a large number of functioning modular refineries that are ready for use. But he said that the main obstacle that has been found is regulatory capture, which makes it difficult to purchase crude oil from the NNPC....For More CONTINUE THE FULL READING▶▶
He asked the NNPC to provide these modular refineries with crude oil, with naira-denominated transactions. According to him, this will increase refinery competitiveness and drastically alter the price of gasoline.
He said in an interview with AIT, ”There is so much of these modular refineries that are ready The fact that regulatory capture is the problem of Nigeria, they can’t even get crude oil through the NNPC. Why don’t we ask NNPC to supply Crude to all of this modular refineries and supply them in naira.
Get them to compete with one another in terms of pricing of petroleum products and you will see what will happen to the price of petrol. I don’t know why simple things become such a complex thing in Nigeria because somebody is looking for somewhere to make some money. When we talk of corruption, we don’t know how deep that cancer is draining us.” CONTINUE FULL READING>>>>>
