Deregulation Of Downstream Oil And Gas Industry Business Essay

This study began with a historical background of deregulation, government motives and the benefits the deregulation of downstream oil and gas industry will deliver to Nigerians. The literature review provided an assessment of the opinion of two schools of thought: the opposing and the supporting group for deregulation. Their different views gave insight into the various reasons why government should or should not deregulate the industry. The purpose of the study is aimed to answer three questions:

(1) What informed government’s deregulation of the downstream oil and gas industry and is it the only solution in Nigeria’s economic environment?

2) How can the government improve the implementation of the deregulation of the downstream oil and gas industry to achieve the actual policy objective?

(3) In what way can government encourage the private sector to fully participate in the downstream oil and gas deregulation exercise?

In order to answer these questions, this study solicited the views of Nigerians and some industry professionals through self-administered questionnaires. Response by industry professionals addressed the perspective of strategic management, implementation, innovation and competitive forces. The response from other Nigerians addressed the perspective of effects, challenges and prospects of deregulation. By using broad theoretical approach, this study has demonstrated that a wider scope and broader assessment of the downstream oil and gas sector deregulation can be achieved. The theoretical framework has also been empirically tested through the questionnaire response and hypotheses that were carried out and it has proven to be effective in understanding the dynamics of the industry’s deregulation programme.

The responses provided by industry professional’s answers the first question on what informed government’s deregulation of the downstream oil and gas industry and is it the only solution in Nigeria’s economic environment. The second and third questions were also answered by them. Two respondents were not in support of deregulation, while the other two were in favour of the government’s deregulation programme, stressing that deregulation is the only remedy for the problems in the oil and gas industry. Their views on the implementation of deregulation, control mechanism by regulatory agencies, innovation and competitive forces shows similar response. They feel government is not implementing deregulation properly and suggested a fully deregulated downstream oil and gas sector as against the current partial deregulation where NNPC is still involved in marketing activities and fixing product prices. On the aspect of government encouraging the oil marketers to ensure the success of deregulation, respondent (B) suggested providing loan facilities for them while, respondent (C) felt that providing a level playing field for equity and equal participation will drive the success of deregulation.

From the analyses on quantitative data which illustrate the views and opinions of 150 Nigerians on the effects, challenges and prospects of the downstream oil and gas industry deregulation, we can infer that there is no significant difference in the response in support that deregulation would deliver positive effects to Nigerians and those against. The response on if challenges in the industry will hinder the success of deregulation also indicates no significant difference between those in support and those not in support. However, the response to the prospects of deregulation shows a significant difference in support that deregulation of the sector will facilitate better economic prospects and opportunities.

In conclusion, based on the responses and views of Nigerians towards the downstream oil and gas deregulation, the study findings shows that deregulation of the sector is not properly implemented by the regulatory agencies. It also shows that the sector has been transformed to become competitive and market driven. It further reveals that the sector is not fully deregulated to enable market forces determine price, rather government is still fixing petroleum product prices. The overall result indicates that Nigerians are fully in support of deregulation of the sector, believing it will deliver positive effects, reduce challenges in the sector and create better prospects and opportunities.

6.2 Recommendation

The purpose of this study is to examine the effects, challenges and prospects of the deregulation of the downstream oil and gas industry in Nigeria. To establish this objective, an analysis was conducted to evaluate findings on the effects, challenges and prospects. The study also examined deregulation implementation, competitive forces and innovation in the industry. This study recommendation would be based on the research findings, which includes the following:

The response from staff (C) as shown in the appendix, suggests that the government is yet to fully deregulate the industry and NNPC is also still involve in product importation and distribution. He argued that the intending benefits of deregulation can only be achieved if the government totally discontinues direct participation and concentrates its efforts on the regulatory role. Against this background, this study recommends that government should display seriousness in implementing complete deregulation in the sector in accordance with the original policy framework. More oil marketers should be licensed, opportunities for free entry and exist should be allowed to encourage competition, equal participation and equity should be practiced without any sacred cow and more importantly, the demand and supply mechanism should be allowed to determine prices. This is the conventional concept that is obtainable in most countries where deregulation is practiced.

The need for government to encourage and support oil marketers is also recommended in order to assist them acquire loan facilities. This view is consistent with the response from respondent (A) and (B) that suggested the provision of loan schemes most especially to indigenous oil marketers to grow in the industry. They argued that if governments wants to ensure that fuel scarcity is nipped in the bud, loan facilities should be granted to them to avoid supply lapses. This view is also supported by Kolawole (2012) who observes that probe by legislators of the sector reveals that the local content policy by way of encouraging indigenous operators are not enforced as claimed by The Indigenous Ship Owners Association of Nigeria (ISOAN). The ISOAN accused the NNPC of deliberately side-lining Nigeria ship owners from lifting fuel both locally and international. The practice by NNPC will not encourage the deregulation program. A non-discriminatory system should be enforced, especially to the local oil marketers and vessel owners.

Inefficiency and lack of integrity contributes largely to the major problems affecting the downstream oil and gas sector. Corruption is the main problem militating against the government policy agenda of deregulation (Auwal and Mamman, 2012). According to respondent (C) he posits that the government monitoring arm like the PPPRA, DPR NNPC and the security agents saddled with the responsibility of appraising and ensuring the success of deregulation are complete disappointment and have failed in their assigned responsibility because of their corrupt practices. This implies that government should fight corruption by ensuring that the agencies responsible for implementing and coordinating the deregulation program are monitored to ensure they discharge their jobs with integrity. Corrupt officers collaborating with fuel importing syndicates to frustrate government policies of proliferation of refineries in Nigeria should be fetched out, arrested and punished in order to serve as a deterrent to others.

To maintain competitive advantage under the industry’s current deregulation platform requires innovative and strategic approaches to gain market position. This view corresponds with the observation made by the industry respondents on the high competitive nature of the sector. Hence, prompting them to carry out market intelligence to have a competitive edge over their competitors. Essentially, the oil marketers should be more proactive by engaging in technological innovations, training courses, research and development in order for them to remain competitive. They should also invest in high tech facilities like oil discharge jetties, pipeline networks for oil and gas product distribution to their customers. According to Barney and Zajac (1994) competitive strategies depends significantly on firms resources and capabilities. However, if the strategies are not adopted, the capabilities are more likely to emerge during periods of turbulence and market instability. Hart (1995) also argues that innovative strategies can lead to the development of firm’s specific capabilities which can be a source of competitive advantage.

The analysis of the downstream oil and gas industry using Porters Five forces framework shows that the threats of new entrants is low. The reason as observed by respondent A and B is that the sector is capitally intensive with the old oil marketers enjoying economies of scale and large customer loyalty. New entrants are struggling to penetrate the industry under the deregulated environment. The analysis also reveals that threats of substitute to petroleum products is low. According to respondent C there is over dependence on petroleum products in the country without any foreseeable alternative in the near future. The bargaining power of suppliers as observed by respondent A is high, NNPC is mainly the dominant importer and distributor with only few other importers participating. This study recommends that for deregulation to succeed, the government should promote alliances and mergers among the smaller marketers in the industry to enable them take market position. Government should also think of diversification into renewable energy sources like wind energy, tidal waves and solar energy which is in high abundance in the country. This will reduce the high demand and over dependence on petroleum products. More oil marketers should be encouraged to get involved in products importation and distribution. The refineries should also be privatized for them to function properly and discourage importation. The adoption of these measures by the government will create the enabling environment for deregulation to succeed.

BIBLIOGRAPHY

BOOKS

Ansoff, H. I. (1965). Corporate Strategy: An Analytical Approach to business policy for growth and expansion. Newyork: McGraw-Hill, 1965. (pp. 118-121).

Babbie, E. (2004). The practice of social research (10th ed.). Belmont, CA: Wadsworth.

Best, J. W. and Khan, J.V. (1993). Research in Education 7th Edition. Boston: Allyn and

Bacon

Boutellier, R., Gassmann, O. and Von Zedtwitz, M. (2000). Managing Global Innovation. Berlin: Springer. pp. 30. ISBN 3-540-66832-2.

Bryman, A. (2004). Social Research Methods. 2nd edition. New York: Oxford University

Press.

Burns, T. and Stalker, E. (1961). The Management of Innovation. London: Travistock.

Chandler, A.D. Jr. (1962). Strategy and Structure: Chapters in the History of the Industrial Enterprise. Cambridge, MA: MIT Press.

Charles, W. L. H. and Gareth, R. J. (1989). Strategic Management; An Integrated Approach. Houghton Mifflin Company. Copyright edition. p. 69.

Cliff, B. and David A. (1987). Strategic management. Macmillan Press Ltd, 1st Edition. p. 77.

Collis, J. and Hussey, R. (2003). Business Research, Second Edition. Palgrave and Macmillan.

Collis, D.J. and Montgomery, C.A. (1997). Corporate Strategy: Resources and the Scope of the Firm. Boston: Irwin.

Crotty, M. (1998). The Foundations of Social Research: Meaning and Perspective in the

Research Process. London: SAGE Publications Ltd.

Cyert, R. and March, J. (1963). A Behavioural Theory of the Firm. Englewood Cliffs, NJ: Prentice-Hall.

Gerry, J., Richard, W. and Kevan. S. (2011). Exploring Strategy Text and Cases. Pearson Education Limited, 9th Edition, p. 61-64.

Given, L. M. (2008). The Sage Encyclopedia of Qualitative Research Methods. Sage: Thousand Oaks, CA, Vol.2, pp.697‐698.

John, L. T. (2001). Strategic Management fourth edition Produced by Gray Publishing, Tunbridge Wells. (p.9).

Kotler, P. and Amstrong, G. (2000). Principles of Marketing. New Jersey. Prentice Hall Inc.

Learned, E.P., Christensen, C.R., Andrews, K.R. and Guth, W.D. (1965). Business Policy: Text and Cases. Homewood, IL: Richard D. Irwin.

Lawrence, P.R. and Lorsch, J.W. (1967). Organization and Environment: Managing Differentiation and Integration. Division of Research, Harvard Business School, Cambridge, MA.

Leedy, P.D. (1985). Practical Research, Planning and Design. London: McMillan

Publishers.

Leedy, P.D and Ormrod, E.J. (2001). Practical Research : Planning and Designing.

Merrill Prentice Hall: Upper Saddle.

March, J.G. and Simon, H.A. (1958). Organizations. New York: John Wiley.

McQuail, D. (1994). Mass Communication Theory. London: Sage.

Michael, D. M. (2002).Qualitative Research in Information Systems. SAGE Publications, Limited.

Miles, M. B. and Huberman, A. M. (1984). Qualitative Data Analysis, a Sourcebook of New

Methods. Beverley Hills, CA, USA.: Sage Publications.

Minztberg, H. (1979). The Structuring of Organisations. Englewood Cliffs, N.J. ; Prentice Hall, 1979. P. 25.

Peter, W., Charles, D. P. and Mark, J. K. (1994). Strategic Management Text and Cases, Second Edition. Copyright by Allen and Bacon, 1994. (p. 4).

Porter, M.E. (1980). Competitive Strategy: Techniques for Analysing Industries and Competitors, Free Press.

Ralph, D. S. (1996). Strategic Management and Organisational Dynamics. Pitman Publishing, 1996. Second Edition. (p. 8).

Rumelt, R.P., Schendel, D.E. and Teece, D.J. (eds) (1994). Fundamental Issues in Strategy. Cambridge, MA: Harvard Business School Press.

Seale, C. (2004). Researching Society and Culture. 2nd edition. London: SAGE

Sullivan, A. and Sheffrin, S. M. (2002). Economics: Principles in Action. New Jersey: Pearson Prentice Hall. ISBN 0-13-063085-3.

Thompson, A. A. and Strickland, A. J. (2001). Strategic Management Concepts and cases. McGraw-Hill, 12 th Edition, (p. 5-7) Thompson, J.D. (1967). Organizations in Action. New York: McGraw-Hill.

Tidd, J. and Bessant, J. (2009). Managing Innovation: Integrating Technological, Market and Organizational Change. 4 ed. with Keith Pavitt. Chichester: Wiley.

Trott, P. (2005). Innovation management and new product development, 3rd edition, Financial Times Prentice Hall. Cited in Johnson, Whittington and Scholes, Exploring Strategy, 9 th edition, Prentice Hall, p. 296

Woodward, J. (1965). Industrial Organization: Theory and Practice. New York: Oxford University Press.

ARTICLES AND JOURNAL

Abu, I. N. (2012). Deregulation and Privatisation of the Upstream and Downstream Oil and Gas Industry in Nigeria: Curse or Blessing? International Journal of Business Administration Vol. 3, No. 1; January 2012, 16 ISSN 1923-4007 E-ISSN 1923-4015. www.sciedu.ca/ijba

Acemoglu, D., Aghion, A. and Zilibotti, F. (2006). Distance to frontier, selection, and economic growth. Journal of the European Economic Association, 4 (1), 37-74.

Adelabu, N. S. (2012). The Political Economy of Oil Deregulation in Nigeria’s Fourth

Republic: Prospects and Challenges. Journal of Emerging Trends in Educational Research and Policy Studies (JETERAPS) 3(3): 193-198,

Afeikhena, J. (1996). Privatisation of Public Enterprises in Nigeria: Expectations Illusion and Reality, in Ademola, A. ed., Economic Reform and Macroeconomic Management in Nigeria, Ibadan: Centre for Public Private Cooperation, at 79.

Akinwumi, F.S., Isuku, E. J. and Agwaranze, D. Q. (2005). University Education Deregulation: Pros and Cons, in G.O. Akpa, S.U. Udoh and E.O. Fagbamiije (Eds).

Akper, P.T. (2001). Socio-Political and Economic Reform in Nigeria In: Political Reform and Economic Recovery in Nigeria, in Ayua, I.A and D.A. Guabadia (Eds.) Nigeria Institute of Advance Legal Studies, Lagos, ISBN: 9789782353702

Alesina, A., Ardagna, S., Nicoletti, G., and Schiantarelli, F. (2005). Regulation

and investment. Journal of the European Economic Association, 3 (4), 791- 825.

Amana, A. R. and Amana, S. A. (2011). Oil, Product Price Deregulation and National Development in Nigeria. Department of Banking and Finance, Faculty of Management Sciences, Kogi State University, Anyigba, Nigeria.

Auwal, U. and Mamman. J. A. (2012). The downstream Sector: An Assessment of Petroleum Products Supply in Nigeria.

Bafor, B. E. (2001). Economic and Social constraints to Harnessing the Potentials of the Upstream Sector of the Nigeria Petroleum Industry.

Baily, M., Gordon, R. and Solow, R. (1981). Productivity and the services of capital and labour. Brookings Papers on Economic Activity, (1), 1-65.

Barney, J. B. and Zajac, E. J. (1994). Competitive organisational behaviour: Towards and organisationally based theory of competitive advantage. Strategic Management Journal, Winter 1994, 15, pp. 5-9.

Beim, D. O. and Charles, W. C. (2001). Emerging Financial Markets. New York: McGraw-Hill.

Blanchard, O. and F. Giavazzi 2003. Macroeconomic Effects of Regulation and Deregulation in Goods and Labour markets, Quarterly Journal of Economics: 879-906.

Carson, D., Gilmore, A., Perry, C., and Gronhaug, K. (2001) Qualitative Marketing Research. London, UK: SAGE.

Clark, C. H. (1980). Idea Management: How to Motivate Creativity and Innovation. New York: AMACOM.

Cohen, W.M. and Levinthal, D.A. (1990). A new perspective on learning and innovation, Administrative Science Quarterly, Vol. 35, No. 1, 128-52.

Dalziel, P. (2010). Spending in the economy, Economic reform from 1984. Te Ara – the Encyclopaedia of New Zealand.

DME, (2007). Deregulation of the petroleum industry position paper, Deregulation of

the Petroleum Industry. Is it an option for RSA now?

Duffy, M.E. (1986) Quantitative and qualitative research: antagonistic or complimentary? Nursing and Health Care 8:6, 356-357.

Ehinomen, C. and Adeleke, A. (2012). An assessment of the distribution of Petroleum products in Nigeria , Department of Economics and Business Studies Redeemer’s university, Nigeria.

Ekundayo, A. and Ajayi, A. I. (2008). The Deregulation of University Education in Nigeria: Implication or Quality Assurance. Nebuta.

Ernest, P. and Young, C. (1988). The Colonial State and Postcolonial Crisis, in Ernest P. and Young, C. The Transfers of power, 1960 – 1980. New Haven and London Tale University press.

Essien, A. and Isacc, A. (2012). Oil Subsidy Removal in Nigeria: Chasing Water Falls. University of Uyo, Nigeria.

Estache, A. and Wren-Lewis, L. (2009). Toward a theory of regulation for developing

Countries: Following Jean Jacques Laffont’s lead. Journal of Economic Literature, 47 (3), 729-770.

Evans, L., Grimes, A. and Wilkinson, B. (1996). Economic Reform in New Zealand 1984-95: The Pursuit of Efficiency. Journal of Economic Literature 34 (4): 1856-1902.

Ezeagba, C. E. (2005). Deregulation of Nigerian Economy: Implications for the

Downstream Petroleum Industry, Certified National Accountant.

Foster, C. (1993). Privatization, Public Ownership and the Regulation of Natural Monopoly. London: Basil Blackwell.

Given, L.M. (2008). The Sage encyclopedia of qualitative research methods. Los Angeles, Calif. Sage Publications. ISBN 1-4129-4163-6.

Green, R. (1994). Britain’s Unregulated Electricity Pool in Einhorn, M. (ed): From Regulation to Competition; New Frontiers on electricity Markets. Boston: Kluwer Academic Publisher.

Hart, S. L. (1995). A natural resources based view of the firm. Academic of Management Review, 20(4), pp. 986-1014.

Healey, N. (1990). Thatcher miracle in perspective. Economic and Political Weekly, 25(31), 1703-1704.

Hudson, L. A, and Ozanne, J. L, (1988). Alternative Ways of Seeking Knowledge in Consumer Research, 14 (4), 508.

Innocent, O.E. and Charles, O.C. (2011). Political Economy Of deregulation Policy In Nigeria. The Challenges Ahead, Journal of business and organizational development. Volume 2, cenresin publications .www.cenresin.org

Izibili, M. and Aiya, F. (2007), Deregulation and Corruption in Nigeria: An Ethical Response, Kamal -Raj. Journal of Sciences. 14(3): 229 – 234.

Jean, B. (2012). The Political Economy of Oil Subsidy in Nigeria International Association for Energy Economics.

Kahn, A. E. (2004). Lessons from deregulation: Telecommunications and airlines after

the crunch. Washington, D.C. AEI-Brookings Joint Centre for Regulatory Studies.

Kelly, P. and Kranzburg M. (1978). Technological Innovation: A Critical Review of Current Knowledge. San Francisco: San Francisco Press.

Kikeri, S. and Nellis, (2004). An Assessment of Privatization . The world Bank Res. Obs. 19: 87-118.

Mathew, A. I. and Fidelis, A. (2007). Deregulation and Corruption in Nigeria: An Ethical Response. Kamla-Raj 2007, J. Soc. Sci., 14(3): 229-234.

Mathews, K., Minford, P., Nickell, S. and Helpman, E. (1987). Mrs Thatcher’s

Economic policies 1979-1987. Economic Policy, 2 (5), 59-101.

McCormick, R., W. Shugart and R. Tollison (1984). The Disinterest in Deregulation, Economic Review 74, pp. 1075-79.

Morgan, I. (2004). Jimmy Carter, Bill Clinton, and the new democratic economics.

The Historical Journal, 47 (4), 1015-1039.

Navarro, P. and Shames, M. (2003). Electricity deregulation: Lessons learned from

California. Energy Law Journal, 24 (1), 33-64.

Noll, R. and B. Owen (1983), The Political Economy of Deregulation (Washington: American Enterprise Institute).

Nordhaus, W., Houthakker, H. and Sachs, J. (1980). Oil and economic performance

in industrial countries. Brookings Papers on Economic Activity, 11 (1980-2), 341-399.

Nwokeji, G. U. (2007). The Nigeria National Petroleum Cooperation and the development of the Nigeria oil and gas industry: History, strategies and current directions . University of California, Bekerly,

Odeh, A. M. (2011). Deregulation Policy in the downstream oil sector and the Nigeria economy. Journal of Social Science and Public Policy, Cenresin Publications. www.cenresinpub.org

Oduah, S.A. (2006). Oil and Gas Financing in Nigeria: Issues, Challenges and Prospects. Chartered Institute of Bankers, Nigeria, (p, 272).

Ogunbodede, E. F., Ilesanmi, A.O. and Olurankinse, F. (2010). Petroleum Motor Spirit (PMS) and Nigerian Public Passenger Transportation System. The Social Sciences, Volume: 5, Issue: 2, Page No. 113-121. DOI: 10.3923/sciences.

Olumide, I. (2011). Nigerian oil industry and fuel subsidy: the facts, the myths and the hidden truth!

Oluwole, O. (2004). Deregulation of the Downstream Petroleum Sub-Sector: The Journey so far. A paper presented at a seminar organised for the executives of the central bank of Nigeria (CBN).

Onyishi, A. O., Eme, O. I. E. and Ikechukwu, E. J. (2012). Domestic and International implications of subsidy removal crisis in Nigeria. Department of Public Administration and Local Government, University of Nigeria, Nsukka.

Peltzman, S. (1976). Toward a more general theory of regulation. Journal of Law and Economics, 19 (2), Conference on the Economics of Politics and Regulation, 211-240. Malden, MA 02148, USA.

Pol Herrmann (2005). Evolution of strategic management: The need for new dominant designs International Journal of Management Reviews Volume 7 Issue 2 pp. 111-130 Blackwell Publishing Ltd 2005, 9600 Garsington Road, Oxford OX4 2DQ, UK and 350 Main Street.

Posner, R. (1974). Theories of Economic Regulation, Bell Journal of Economics and Management Sciences (Autumn), pp. 335-58.

Posner, R. (1975). The social costs of monopoly and regulation. The Journal of Political Economy, 83 (4), 807-828.

Ramanadham, V.V. (1993). Constraints and Impacts of Privatization. London: Routledge.

Rassenti, S. J., Smith, V. L. and Wilson, B. J. (2002). Using experiments to inform the

privatization/deregulation movement in electricity. Cato Journal, 21, 515-544.

Rothwell, G. and Gomez, T. (2003). Electricity economics: Regulation and deregulation.

Piscataway, NJ: IEEE Press.

Slater, S. F. and Narver, J. (1994). Does competitive environment moderate the market orientation performance relationship, Journal of Marketing, Vol. 58. (January), 46-55.

Stigler, G. (1974). Free Riders and Collective Action: An Appendix to Theories of Economic Regulation, Bell Journal of Economics and Management Science 5 (Autumn), pp. 359-65.

Stigler, G. (1971).The Theory of Economic Regulation, Bell Journal of Economics and Management Science 2 (Spring), pp. 3-21.

Trott, P. (1998). Growing businesses by generating genuine business opportunities, Journal of Applied Management Studies, Vol. 7, No. 4, 211-222

Winston, C. (1993). Economic deregulation: Days of reckoning for macroeconomists.

Journal of Economic Literature, 31 (3), 1263-1289.

Winston, C. (1998). U.S. industry adjustment to economic deregulation. Journal of Economic Perspectives, 12 (3), 89-110.

WEBSITE

Aghion, P., Alesina, A. and Trebbi, F. (2007). Democracy, technology and growth. NBER Working Paper No. 13180. http://www.nber.org/papers/w13180 (Last visited 12/02/2013)

Braide, K.M. (2003). Modes of deregulation in the downstream sector of Nigeria Petroleum Industry. http://www.nigerdeltacongress.com/marticles/modes_of_deregulation_in_the_dow.html (Last visited 16/02/2013)

Diezani, A. M. (2012). Investment Opportunities in Nigeria’s Downstream Oil and Gas Value Chain.Download powerpoint presentation 1-New World Nigeria www.newworldnigeria.com (Last visited on 20/02/2013)

EIA, (2012) Energy information administration, Country Brief. http://www.eia.gov/countries/cab.cfm?fips=NI (Last visited 25/02/2013)

Elf-Rufia, (2011). Oil and Gas (3), The Downstream Dilemma.

http://saharareporters.com/article/oil-gas-3-downstream-dilemma-nasir-ahmad-el-rufai (Last visited 02/03/2013)

Enenmoh, G. I. (2004). Investment Opportunities in a Deregulated downstream Petroleum Sector. At PPPRA Nigeria http://www.pppra-nigeria.org/articles.asp (Last visited 08/02/2013)

Graham, H. (2000). Chi-Square Test: Research Methods 1 Hand-out, COGS-version 1.0, September 2000, page 1. http://www.sussex.ac.uk/Users/grahamh/RM1web/sthand5.pdf

(Last visited 25/02/2013).

Guichaoua, Y. (2006). Oil and Political Violence in Nigeria h Stewart, S. (2001). Deregulation and National Competition Policy and its Effect on Rural and Regional Areas. http://www.ifri.org/files/Energie/GUICHAOUA.pdf (Last visited 04/02/2013)

Hicks, M. (2004). Petroleum Products Pricing Commission. Commissioner expresses

concern over looming fuel-prices crises. http://www.releases.gov.nl.ca/releases/2004/gsl/0515n01.html (Last visited 16/02/2013)

Hirsch, R. F. (1999). Power loss: The origins of deregulation and restructuring in the

American electric utility system. Cambridge, MA: MIT Press. http://www.history.vt.edu/Hirsh/KJT-screen.pdf (Last visited 06/02/2013)

Holly, R. (1999). Deregulation of the Canadian Natural Gas Market. http://www.piac.ca/energy/deregulation_of_the_canadian_natural_gas_market/ (Last visited 28/02/2013)

Ibanga, I. (2011). The economics of privatization and deregulating the Nigerian downstream oil sector. http://www.florin.com/valore/ifiokibanga.html. (Last visited 14/02/2013)

Inhaber, H. (2002). Deregulation and its Discontents. Ideas in Action, Grace Creek Media and The George W. Bush Institute. Published June 10, 2012. http://www.ideasinactiontv.com/tcs_daily/2002/02/deregulation-and-its-discontents.html (Last visited on 26/02/2013).

Jeff, C. L. (2010). Chi-Square Test, Encyclopedia Entry.

http://srmo.sagepub.com/view/encyc-of-research-design/n48.xml (Last visited 28/02/2013)

Kimberly, A. (2013). About.com Guide: Deregulation. http://useconomy.about.com/od/glossary/g/deregulation.htm (Last visited 09/02/2013)

Krugman, P. (2001). Laissez Not Fair. York Times (New York Times Company). Published June 10, 2011. http://en.wikipedia.org/wiki/Deregulation (Last visited 17/02/2013)

Lesser, V. (2007). Advantages and disadvantages of probability and nonprobability

sampling.

http://people.oregonstate.edu/~hunterzk/ncat/pubs/TRANSED/1081_Surveys.Pdf (Last visited 26/02/2013)

NEEDS, (2004). National Economic Empowerment and Development Strategy. NEEDS National Planning Commission Abuja. http://www.ng.undp.org/documents/NEEDS/NEEDS.pdf (Last visited 18/02/2013)

NEEDS, (2012). National Economic Empowerment and Development. Strategy NEEDS http://ji4d.org/wp-content/uploads/2012/02/NEEDS.pdf (Last visited 14/02/2013)

Okafor, L. (2004). Deregulation Of The Nigerian Downstream Oil Sector; Keeping Faith With A Global At PPPRA Nigeria http://www.pppra-nigeria.org/articles.asp (Last visited 06/02/2013)

Pera, A. (1988). Deregulation and privatization in an economic wide context. OECD Economic Studies No. 12, Spring 1989,

http://www.oecd.org/dataoecd/18/43/35381774.pdf (Last visited 15/02/2013)

PPPRA (2004). Resentations on Deregulation. www.pppra-nigeria.org/presentation.asp (Last visited 17/02/2013).

Richard, A. (2012). FAQ on Deregulation of the Downstream Petroleum Sector and Removal of Fuel Subsidy. http://www.bizhallmark.com/index.php/feed/permalink/6557.txt (Last visited 19/02/2013)

Tosanwunmi, O. (2012). Fuel Subsidy Removal or Deregulation: Evolving a Working Policy in Nigeria. http://alphaedufoundation.org/ (Last visited 13/02/2013)

Wiley, J. (1999). Sampling of Populations: Methods and Applications

www.oecd.org/dataoecd/11/53/33659904.pdf (Last visited 21/02/2013)

Wolak, F. (2001). Market Design and Price Behavior in Restructured Electricity Markets: An

International comparisons, Working Paper http://www-leland.stanford.edu/~wolak (Last visited 18/02/2013)

Wolfl, A., Wanner, I., Kozluk, T. and Nicoletti, G. (2009). Ten years of product

market reforms in OECD countries – Insights from a revised PMR indicator. OECD Economics Department Working Papers No. 695, Apr.,

http://www.oecd.org/dataoecd/29/41/42779045.pdf (Last visited 23/02/2013)

OTHERS

Adebayo, A. (1999). Facing the future of Nigeria. Lecture Delivered for Policy and Strategic Studies, Kuru, Jos, Nigeria.

Adedipe, B. (2004). The impact of Oil on Nigeria’s Economic Policy Formulation. Paper presented at the Conference organized by the Overseas Development Institute in Collaboration with Nigerian Economic Summit group.

Adeogun, A. (2010). No Cartel is Big Enough to Determine Fuel Prices Under a

Deregulated Regime, Daily Sun, Thursday, January 14.

Aremu, I. (2013). Fuel Pricing-State or the Market? Daily Trust Nigeria

Badmus, B. (2009), Reps, NNPC and Deregulation, Sunday Tribune, November 29,

No.1710.

Bankole, T. (2001) Nigeria and Perennial Fuel Scarcity, The Tribune, Tuesday March 21, P.14.

Chiejina, N (2012), Subsidy Beneficiaries Financed Jonathan’s Election, says El-Rufai, The Nation, Wednesday, January 11, p 6.

Edoreh A (1997). Future of Nigerian Petroleum Industry, Lagos Academy Press.

Kolawole, D. (2012). Fuel subsidy probe Saving Nigeria’s oil sector from vultures.

Okere, R. (2010). Stakeholders Set Agenda for Allision-Madueke, Petroleum Minister.

The Guardian, Wednesday, April 7, Vol.27,No.11,424.

Okiti, O. (2009). Economic Notes From Summit, Business Day, Monday, December 21,

Vol. 8, No.118.

Okpole,D. (2010). New Refineries: NNPC, China Sign 4.144 tr. MOU, Nigerian Compass, Friday, May 14, Vol.2, No.718.

Olayinka, C. and Lawal, (2009). Protests Loom Over Oil Deregulation, The Guardian,

Tuesday, October 13, Vol. 27, No.11248.

Onyekwere, J. (2009). The Intractable Monster, The Week, November 30,Vol. 30, No. 13.