Boiling Point Arena:Petrol Pricing In Nigeria Remains Murky Due to Lack of Transparency, Says Industry Expert, Prof. lledare
An industry expert, Prof Wunmi Iledare has criticized the opacity surrounding operations in the Oil and Gas sector, especially the withholding of key data from the public, makes it difficult for citizens to understand the true value of petrol, despite Nigeria’s vast natural resources.
By: Abdulwasiu Akintunde
Prof. Wunmi Iledare, an expert in Petroleum Economics and Policy Research has submitted that determining the correct price Nigerians should pay for a litre of petrol remains a complex issue, largely because of the lack of transparency in the industry.
Speaking as a Guest Speaker during the BOILING POINT ARENA interview series on Sunday night, Prof. Iledare explained that the opacity surrounding operations in the Oil and Gas sector, especially the withholding of key data from the public, makes it difficult for citizens to understand the true value of petrol, despite Nigeria’s vast natural resources.
OPEN TELEVISION NAIJA (OTN) News reports that the discussion, themed “The Nigerian Socio-Political and Economic Quagmire: What are the Rescue Options?” was broadcast live via Zoom and Sweet 107.1FM, hosted by media professional, Dr. Ayo Arowojolu.
The Olowu of Owu Kingdom, Oba Prof. Saka Matemilola, delivered the keynote address, alongside other speakers including a former Central Bank Director, Dr. Oluwatoyin Jokosenumi.
When asked why locally refined petrol, such as that from the Dangote Refinery, cannot be sold at lower prices, Prof. Iledare cautioned against delving too deeply into the matter, stating that the complexities and lack of transparency within the sector make it difficult to find straightforward answers.
Iledare criticized the lack of transformative leadership in the sector, arguing that transactional leaders dominate Nigeria’s oil and gas industry.
He also pointed out that the President's direct involvement in managing the sector contradicts the Petroleum Industry Act (PIA), which assigns that role to the Ministry of Petroleum.
He further lamented the absence of public education about the sector, accusing both the Government and the populace of supporting a subsidy regime that has deepened poverty.
Iledare also criticized the tensions between the NNPCL and Dangote Group, stressing that Dangote should be supported, not blamed, as a solution is sought for Nigeria’s petroleum market challenges.
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