BY OKEY NDIRIBE
A group has predicted that the current high price of fuel will soon crash if the deregulation policy recently introduced in the downstream sector of the petroleum industry is  retained. This was disclosed by the Jetties and Petroleum Tank Farms Owners of Nigeria [JEFTON] during a press briefing addressed by Executive Secretary of the association, Dr. Ukeje Nwokeforo.

Nwokeforo further stated that in a fully deregulated regime, the encumbrances  on free market forces are put under control thereby leading to market stability and ultimate fall in the prices of goods and services.

He further identified a competitive spirit as one of the gains of a fully deregulated economy adding that it promotes efficiency and entrepreneurial ingenuity, full scale operation as well as increased flow of legitimate foreign investment in the areas of critical infrastructure such as refineries, with the attendant creation of more jobs.

The group further pledged its support to the Federal Government’s decision to fully deregulate the downstream sector of the country’s petroleum industry adding that ’deregulation provides a level playing field for all stakeholders in the sector.”