[files] NNRC has urged Buhari to allow market forces to determine prices of petroleum resources. Photo: BUSINESSAMLIVE
“Improve the efficiency of the downstream oil sector by reviewing its policies, regulations and operational guidelines to ensure profitability, improved private sector participation and improved employment,” the group stated in the report made available to journalists. While commending the Nigerian government on the steps taken to sustain the Nigerian economy through oil sector reforms; to deregulate the downstream sector, re-open bid rounds of marginal fields, cut the 2020 budget, contemplate privatisation of the refineries and others, NNRC stressed that additional interventions were required to crystalize those policies and further support the Nigerian economy.
Program Coordinator of NNRC, Tengi George-Ikoli stated that the group arrived at this position based on the gaps identified in its recently published Benchmarking Exercise Report which x-rayed the state of the Nigerian petroleum sector, highlighting policy options to support the Nigerian government’s efforts to stimulate the growth of the economy and its post-covid-19 recovery.
She also stressed the to improve coordination between federal and Niger Delta state governments on the response to the Covid-19 pandemic including the design and implementation of stimulus plans.
Just as they 'the market forces' determine the price of dollar trading and or exchange rates in general right? So that one day the forces will force us to buy a litre at the rate of 500. Nigerian market is not that matured please. The volatility is way wider to be interpreted.
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