• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘Nigeria To Save N12trn From Downstream Oil Deregulation’

by Yusuf Babalola
3 years ago
in Business
Oil
Share on WhatsAppShare on FacebookShare on XTelegram

The country stands to save over N12 trillion, which could be channeled to other areas of development for the country if the downstream sector is fully deregulated.

Advertisement

The group managing director, Rainoil Limited , Dr Gabriel Ogbechie stated this while outlining the benefits of deregulation at the just concluded Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos with the topic: “Energy Transition, PIA, Petroleum Pricing and the Way Forward for the Downstream Sector.”

He said, the global average price currently for PMS was N516 per litre, which is way higher than the N175 per litre it is being sold in Nigeria and called on government to not only deregulate but also initiate a petrol tax to fund maintenance and construction of critical infrastructure across the country.

Subsidy removal, he noted that Nigerians are not adverse to subsidy removal, but noted that PMS consumers only want some level of reassurance on the subject matter, and the cushioning effects by government.

He also noted that the petroleum industry act remains the silver bullet in growing the downstream sector, however decried the huge sum expended on fuel subsidy so far.

RELATED

Mixed Performance On Equities Expected This Week

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

17 hours ago
Cadbury Nigeria Records N55bn Revenue In 2022

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

17 hours ago

Speaking in one of the panelists sessions, Ogbechie noted that the subject issue of deregulation has come to stay, as a policy direction for the downstream petroleum sector, given the enormous benefits that comes with a deregulated petroleum environment .

The Rainoil boss while taking advantage of the conference, to itemise his company’s contribution to Nigeria’s downstream petroleum sector, said Rainoil Limited presently has over forty LPG trucks in it’s business bank, with retail outlets scattered across the country.

‘’As a prominent player in the Nigerian oil and gas industry, Ogbechie said the company’s operations cut across the downstream value chain including petroleum product storage, haulage/distribution and retail sales. The company’s primary products he disclosed included petrol (PMS), Diesel (AGO), kerosene (DPK) and liquefied petroleum gas (LPG).’’

He said Rainoil just celebrated 25 years this year. According to him, the company which started from the scratch, today had been built to be one of the very prominent and very dominant players in the downstream sector of the Nigeria oil and gas industry.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Nigeria, Others Must Prioritise SMEs For Wealth Creation – Elumelu

Next Post

Federal Govt’s Protectionist Policies Fuelling Smuggling – Stakeholders

Yusuf Babalola

Yusuf Babalola

You May Like

Mixed Performance On Equities Expected This Week
Business

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

2025/08/04
Cadbury Nigeria Records N55bn Revenue In 2022
Business

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

2025/08/04
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTNN Posts N414.9bn Profit After Tax In H1

2025/08/04
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Despite Optimism, Forex Inflow Declines By 20.9% In July

2025/08/04
JUST-IN: Inflation In Nigeria Rises Further To 21.91%
Business

Easing Inflation, Currency Stability Prompted IMF’s Nigeria Growth Upgrade – Analysts

2025/08/04
Oil
Business

Consumers To Access N100m Mortgage Loans In FCMB

2025/08/04
Leadership Conference advertisement

LATEST

Campaigns For 2027 Totally Illegal, Diversionary — Falana

Trump Knocks India Over Russian Oil Trade, Vows Higher Tariff

2027: No Party Can Win Oyo Aside PDP — Makinde

‘Tinubu’s Harsh Economic Policies Have Erased Nigeria’s Middle Class’, Says Falana

Trade, Investment Flourish As UAE-Nigeria Relations Strengthened

Flooding: Borno Needs Modern Drainages, Not Overhead Bridges, Chinedumuije Tells Zulum

Lagos Gov’t Allays Fears As Flood Sacks Residents After Rainfall

WAFCON: Aiyedatiwa Gives Super Falcons’ Tosin Demehin N30m, House

Gov Sani Effects Minor Cabinet Reshuffle In Kaduna

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.