The current brouhaha in the domestic refining sub-sector, as well as the challenges of shortage in fuel supply has been attributed to inefficient regulation with the oil and gas sector.
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Industry experts, who spoke during a media engagement by the Institute of Energy Economics in Lagos, believed that if Nigeria and Nigerians follow the appropriate rules of law, the industry would be better positioned and energy security would be guaranteed for the populace.

Senior Research Fellow at the Institute of Energy Economics, Taiwo Ogunleye, said petroleum plays an essential role in shaping lives, from fuelling vehicles and generating electricity to producing a wide range of everyday products, hence the need for adequate regulations.

He said for any nation to enjoy energy security, it must ensure that energy supplies are available in sufficient amount at sufficiently-low prices, with robust supply for the end user.

He said all sectors of the economy could benefit from an efficiently managed downstream oil sector that delivers petroleum products in the quantity and quality required at the least cost.
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Ogunleye urged regulators to ensure incentives for investment, promoting fair competition, facilitating innovation, pursuing social fairness and universal services to avoid harm to the environment.

Also, an Energy Consultant and Chief Executive Officer at AHA Consultancies, Henry Adigun, said the regulator should ensure that prices are low and affordable to Nigerians.

He emphasized that regulators should uphold the law while Nigerians should also obey the law to ensure a free environment for all to operate.

“People in business are in most cases trying to boycott the law, but we really need to follow the law to create a good country.

“What Nigerians want is to be able to buy quality products at the filling stations at a cheap price,” he said.
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