AfricaNews - Nigeria: War of words over deregulation

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Nigeria: War of words over deregulation

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Posted on Thursday 5 November 2009 - 14:46
Emeruwa
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Victor Emeruwa, AfricaNews reporter in Lagos, Nigeria
Nigerian Labour Congress is leading a national protest over the proposed deregulation of the downstream oil sector of the economy. The labour union under the leadership of Wahab Umaru has warned the government that it will shut down economic activities and call for an indefinite industrial strike action to protest the proposed deregulation of petroleum product.
The cost of fuel has increased from N65 per litre (about 40cents) to N120 per litre (about 75cents). Petroleum marketing companies are beginning to hoard the product for fear of losing control of the price.

The NLC President Umaru argued that the proposed deregulation of the downstream sector is unnecessary at the moment if the refineries are not in good working condition. He said “it is shameful that we cannot refine our crude ourselves…. for a country whose main foreign income comes from crude oil we have no excuse not to refine our oil.”

Umaru is not totally against the idea of what he calls real deregulation, a situation where government will control the price of fuel and create lasting stability. “I am not against deregulation, but this kind of deregulation that is being championed will definitely increase the pump price of fuel… that is what we are not in support of,” he said.

The Presidential spokesman Segun Adeniyi in a press interview denied allegation that the government plans to increase the price of fuel. “The government has not come out to say it will increase the prices of fuel,” he said.

Although there are no official statement from the government, there are signals from the Nigeria National Petroleum Corporation, NNPC that the deregulation process are underway. The NNPC is running television commercials that encourage deregulations.

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Nigeria: War of words over deregulation

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