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THE DEREGULATION OF PETROLEUM INDUSTRY AND ITS ECONOMIC IMPLICATION

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RESEARCH INFORMATION

[icon type=”icon-pencil”]: THE DEREGULATION OF PETROLEUM INDUSTRY AND ITS ECONOMIC IMPLICATION
[icon type=”icon-book”]: Chapter 1 – 5
[icon type=”icon-book-open”]: 125 Pages
[icon type=”icon-basket”]: #3, 000
[icon type=”icon-doc-line”]: Ms Word format

This study, THE DEREGULATION OF PETROLEUM INDUSTRY AND ITS ECONOMIC IMPLICATION contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.

Keywords: THE DEREGULATION OF PETROLEUM INDUSTRY AND ITS ECONOMIC IMPLICATION


RESEARCH BODY

ABSTRACT

The subject of this study “project” has been chosen because of its importance to the Nigerian economy, i.e. to examine the deregulation of petroleum industry (the downstream sector) and its economic implication. That oil is the determinant factor of welfare of  individual and the corporate growth of the nation is an understatement. It is also discovered that there have been an epileptic supply and distribution of  this fluid for people’s use due to many unimaginable and inexplicable reason over the years. This has led to hike in the price of petroleum product overtime and invariably, Nigerians cost of living has been on continuous increase. This is why the federal government proposed for the deregulation of the downstream petroleum industry so as to liberalize the  industry by allowing the forces of demand and supply(market forces)to determine the prices in a competitive environment. Another objective may include examining the level and performance of NNPC in the marketing and distribution of petroleum products, to critically review refinery installed capacity supply and demand of petroleum products. This   study also finds the way of reducing or solves the problem of fuel scarcity for Nigerian at a convenient and affordable price.

It is therefore pertinent to state that deregulation is ‘an ill wind that blows no one any good’.  It has an adverse  effect on people’s standard fo living in the short run especially when there is no corresponding provision of welfare amenities but in the long run, if sincerely undertaken it will benefit all and sundry.

TABLE OF CONTENT

CHAPTER ONE

1.0 Background of the study

1.1 Statement of problem

1.2 Objective of the study

1.3 Justification of the study

1.4 Sources of data and Research methodology

1.5 Research questionnaire and Hypothesis analysis

1.6 Scope and limitation of the study

1.7 Plan of the study

1.8 Definition of basic terms

CHAPTER TWO

2.0 Introduction

2.1 History of Crude Oil in Nigeria

2.11 Petroleum industry in Nigeria

2.12 Contribution of the industry to the Economy

2.2 Oil Researve in Nigeria

2.3 Government participation in the Industry

2.4 Petroleum Policy in Nigeria

2.4.1 Regulatory Agency for the distribution and Marketing of petroleum product

2.4.2  Petroleum Products Pricing Regulatory Agency (PPPRA)

2.5 The Downstream Sector

2.5.1 Marketing and Distribution of Petroleum Product

2.5.2 Distribution Infrastructure

2.53 Product Distribution Pipeline and Depot

2.54 Marketing

2.55 Petroleum Product Marketing

2.6  Participation  of Nigerian National Petroleum Corporation(NNPC)

2.61 Problem in the Industry

2.6.2 Major problems affecting the Storage and Distribution of Petroleum Product

2.7 Government Intervention in the Industry

2.8 Justification For and Against Subsidy

2.9 Argument for Deregulation

2.91 Argument Against Deregulation.

2.92 Summary.

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction

3.2 Method of Data Collection

3.3 Sampling Design and Sample size

3.4 Restatement of Research question and Hypothesis.

3.5 Research Design

3.6 Characteristic of the study population.

3.7 Administration of the Data collection

3.8 Limitation of the Study.

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.0 Introduction

4.1 The Analysis

4.2 Conclusion.

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION.

5.0 Summary of findings

5.1 Conclusion

5.2 Recommendation.

Bibliography

Appendix: Questionnaire

CHAPTER ONE

INTRODUCTION

Before the introduction of oil in Nigeria, agriculture was important in the Nigeria economy. In fact, about 70% of the entire population engaged in agriculture activities. But the discovery of oil in 1956 and the production which started immediately, increased rapidly, nevertheless, the tremendous influence of the oil sector as the prime mover of the Nigeria economy became apparent in the 70s.

By a combination of circumstances particularly the rise in Nigeria’s proven oil reserve, production, the dramatic rise of the Organization of Petroleum Exporting countries (OPEC). Nigeria suddenly became a wealthy country and her problem then was how to manage his sudden wealth to transform her economy and build an industrial structure with emphasis con self reliant economy. Apart from this, the abundant reserve of oil and gas gives her enormous flexibility for long term energy planning and development. Thus while other third world countries who import oil where saddled with balance of payment deficits, Nigeria was one of the few third world country that showed much promise for growth and development derived from her rich petroleum resources, vast and varied cultivable land, virile population and abundant foreign exchange earnings  potentials.

Petroleum products marketing were started in Nigeria by Seconi oil company (now Mobil Oil) in the year 1907. the prospects in thee sector then attracted other major foreign oil marketing companies namely; Texaco in 1913; Shell Nigeria in 1927; Esso (now Oando) and total oil in 1956; British petrochemical (now African petroleum); Agip oil, in 1962 and ELF marketing 1963.

In 1956, shell discovered crude oil commercial quantities at Oloibiri. The production of crude oil that changed the fortune of Nigeria prompt the need to source petroleum products locally and the plan to build refineries. Prior to 1956 when the first refinery (Nigeria petroleum refining company) was commissioned at Alesa Eleme in port Harcourt; the marketers were importing petroleum products such as Premium Motor Spirit – PMS, Aviation Turbine Kerosene HTK, Household Kerosene HNK, Automotive |Gas AGO Liquefied Petroleum Gas LPG, Base oil, Paraffin wax, Grease and others. These products were stored as their deports and supplied to industrial consumers and various retail outlets spotted all over the country by rails and road in tankers.

Between 1965 and 1977 there was an arrangement where the marketers purchased crude oil from the government and sent if for refining at the privately owned refining for processing fee.

The first eight years witnessed a truly private sector participating in the industry whereby the prices of petroleum products were determined by the petroleum marketers with a business objective of making profits.

Keywords: THE DEREGULATION OF PETROLEUM INDUSTRY AND ITS ECONOMIC IMPLICATION



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