But in this situation, there is going to be the availability of the petroleum product since the importation is now a free market and the government issues licenses to any individual or private company who wants to import the product.
This is a great idea by the Federal Government for allowing other private oil firms to also import their products. With this in place, we should witness a more competitive market and the price of the petroleum products will rise or fall according to the market conditions just like bitcoin.
With this approval given to private companies too, does that means they can also buy directly from the dangote refinery if operation starts fully? So also, if the government owned refineries are fully operational we might see a downfall in prices, or will the government also buy from the refineries and resell to the public according to the market flow and demand of it? I’m just curious to know what should be expected in the soonest future after this removal of fuel subsidy.