Deregulation means removing government control from the operation, production, storage and distribution of petrolum product and thereby handing then to over private sector. If the government actualy deregulate the downstream sub-sector of the petrolum industry, it means that the price of petrolum product will be determine by the force of demand and supply. This force will eventualy reduce the price of petrolum product in the market.
Below are some of the advantage of Deregulation:
1. Employment: over 60 million youth are unemployed. Deregulation will bring about private individual establishing refinnaries all over the nation, the implication of this, is that millions of unemployed youth would be employ.
2. Combat oil smuggling: Smugglers will kik out business
3. Steady supply of petrolum products
4. Reduction in the rate of corruption in petrolum sector
5. Open Competition
There are many benefit of deregulation if the policy is well implemented.