 and we're back with the breakfast and just quickly as the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months stakeholders in the sector have told Nigerians to be ready to pay as much as 750 naira per litre of petrol at the filling station now this was the highlight of stakeholders intervention during an online workshop with the theme deregulation of the Nigerian downstream sector the day after the workshop was organized by industry stakeholders in collaboration with african refineries and distributors association the arda now the downstream players in conjunction with economic policy analyst and relevant government agencies also outlined strategies and measures that should be deployed should is the word to ensure sustainable removal of petrol subsidy well it's also important to note that deregulation of the downstream sector and if you say subsidy removal as the provision of the petroleum industry act of 2021 the president has also said that he's committed to ensuring that there's compliance now it's also been reported that Nigerians are going to save about 10 trillion annually by the elimination of subsidy on premium motor spirit which is popularly called petrol and foreign exchange that's according to reports by the center for promotion of private enterprise now the report also stated that the country would save about seven trillion naira annually by halting subsidy on petrol while an estimated three trillion would be unlocked when the central bank of nigeria eventually halt subsidy on foreign exchange and this morning we have coyote akundayo a publisher of energy times right here legos akundayo it's good to have you join us good morning good morning thanks for okay then i would like to share your thoughts i mean what do you think about this a few months you know to go there will be completion of deregulation of the downstream sector and on the other hand you have the stakeholders hinting that petrol might just be selling for 750 naira per liter okay that's it so far i think the reason why people that are coming up together is because of the incoming government agenda which is that all the people who are the government they are going to remove the deregulation i mean they are going to regulate the sector and as well as you know the fragments accepted in the budget that by soon this year sweat for social deregulated yes i was part of the people that and i want to see that that i will tell you that uh i don't see any way we have where we should tell all the souls at seven fifty in nigeria i'm still funny because of the list that a little crazy so at the pump price of seven fifty the reason why the price is true at this period is because the price is pretty sick a pretty sick ticket on the international price we have no refinery for meeting right now so all the all the assumptions including the foreign exchange both parlay and officially is based on the importation so not until we say we have the refinery or the refinery's work function is we cannot say that really the actual price we are likely to pay and please strike my word if we use the new government funds there is no big objective here to make the and the price which is the price which is sold at seven minutes they may give the market that the new way to market supply effort that i believe energy should not be sharing to back the people so the consumers at that particular year that is what's the price that the market of that of the place they want to play yes they were giving the market that the opportunity to subscribe to foreign exchange we should be at officially or you will be coming coming to remove double double standard foreign exchange rate thereby we have a good area of four sixty nine hundred dollars and the other one in black market which is up to seven or eight dollars dollars to see so what i'm going to say is that there are a prior government to remove that scheme and allow the marketer who are willing or in fact those who are willing to report to have opportunities to subscribe to official exchange during the war at that the price of play which they hesitate to i'm seeing during i'm seeing the difference that no government in the world even in the country such reason as i mean sorry there's a reason it seems that where prices are to die there are certain things the an industry of companies we see the we see have stopped it will go to gana the optionary binary that is functioning and he says so without play without put all our air i think what the government again is their convictions on is the coming up scheme of tango deli binary we expect according to all we were told that tango deli binary performance scheme is a comfort out here and that is when the big revolution we start in mezria and again we have the release of the release of faith professional measures said last week that the ordinary binary this is such 50,000 barriers per day and i think it's almost in the second quarter of the year so i think this actually the binary government he did say that they become on screen before the regulation and even if it wasn't the binary comes from the game there will be a lot of release from the general consumer of play and we are yet to see this that's coming all that the marketers people that are saying that this day has come to us on the way in their freedom is here and we see some of this is a binary coming on stream all right very interesting card a kundayo you've talked about refinery refinery it was counting how many times you mentioned the word refinery i'm sure i've gotten into the 20s um but that underscores the importance of refining capacity of nigeria which is the most one of the largest tower producing nations in the world uh if we look at the the dollar price of of of petrol per liter in nigeria today i think nigeria is one of the most um the cheapest uh in the world the cheapest is venezuela who sells at 1.6 cents or 1 cents uh just about 1 cent libya sells at 3 cents to the liter iran sells at 5 cents to a liter angola sells at 31 cents uh us cents or jerry sells at 33 cents and so on and so forth so nigeria falls below the likes of bolivia Bahrain iraq kazakhstan from lowest to uh from most expensive with cheapest uh malaysia tukmanistan egypt kowait ogeria etc etc um but nigeria is cheaper than saudi arabia uh surprisingly who sells the petrol at 62 cents to per liter um so in your opinion what are these countries doing um apart from refining what are the other underlying things that they're getting right that we're not getting right because if nigeria moves from the current regime of subsidy because we're having cheaper than russia which produces a lot of oil you know cheaper than oman uh very interesting if nigeria moves from that uh the way it currently is which is an average of 57 cents a barrel to go to this 750 naira which if you look at the cbn exchange rates we're talking about uh about uh uh one dollar 63 cents to a barrel which you make it more expensive than a lot of countries what are these other top countries doing that we are not getting right in the country let's take out refining what are the factors out there hello yes yes you said we're asking each other about what i said yeah so i'm saying the countries that are that nigeria is currently um are sharing the the title of cheapest you know petrol in the world yeah yeah so so what are they getting because if we move to this 750 we'll be ranking lower than some countries that have never seen a drop of petrol before you know so what are these other top countries that are not having issues selling below uh one dollar okay for a liter they're okay you know in fact it'll be more expensive to buy petrol in liby in nigeria than in liberia if what happens happens this 750 so what are the other countries the likes of um uh venezuela okay cheapest petrol in the world the likes of libya which has been at war very second cheapest what are they getting right apart from refining what are the underlying things they're getting that we're not getting libya is at war thank you so much i can't hear you get some questions because the the thing is echoing so but let me i'm here just saying about uh countries that are at higher price nigeria is a population of unfortunately you know higher population and lower population like that is all the states like russia see my brother and let me tell you the truth and this is the front top high price can be sold in all those countries the standard of living in those countries is not comparable to nigeria economy that is the truth we me i hate i hate when people are comparing all those different nations to underdeveloped nations like nigeria we are cost of living standard of living is so poor we keep on saying the the rich are the one consuming sway and at the result of that is where price must go i'm not having any problem with that because some people are feeling forecast they are rich they are focused but in a situation where things are not working what do you what do you add up to that what is working nigeria what is actually working we have to go sir thank you so much we sincerely apologize for the echoing and and all that too well but um uh we just pray that um you know we'll be able to reap the benefits of what God has blessed the country with so that it's not cheaper to buy petrol in liberia than it is in nigeria or in Haiti than it is in nigeria i appreciate the time uh kyle kundayo um uh yes thank you so much for joining us all right um that's the science of our package kyle kundayo is a publisher of energy times legos uh if you're through having all of you join us this morning uh for the breakfast please and show you follow us on our social media platforms facebook twitter instagram and on youtube at plus tv africa we have a second youtube channel plus tv africa lifestyle we always live streaming and we have interesting content on there my name is kulfi but i'll see you tomorrow and i am messy book who thanks for staying with us this morning we're joining the newsroom at nine o'clock fourth and news brief we ask that you stay with us good morning