OIL SUBSIDY PROBE: NNPC BOSS URGES FULL DEREGULATION

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Austin Oniwon, has called for a full deregulation of the petroleum sector.

Speaking yesterday at the ongoing investigation into the fuel subsidy regime by the Senate Joint Committees on Petroleum Resources (Downstream), Appropriation and Finance, Oniwon maintained that a full deregulation would stabilize the prices of oil products.

Oniwon also told the committee that the NNPC was conducting a research to dye kerosene to stop diversion of the product by dealers.

Earlier, the chairman of the committee, Senator Magnus Abe, urged the Petroleum Products Pricing Regulatory Agency (PPPRA), to submit its five-year import records.

Also yesterday, Senate Joint Committee on Petroleum Resources (Downstream), Appropriation and Finance, which is currently investigating the fuel subsidy regime  has subpoenaed the KPMG audit firm.

The chairman of the committee, Senator Magnus Abe, hinted that the subpoena was issued because of the absence of the management of the firm to appear before the committee yesterday where it was expected to provide vital documents on the fuel subsidy regime.