Former Minister of Interior, Emmanuel Iheanacho, has said that energy sector liberalization and local refining of crude oil in the country are the only solutions to petroleum scarcity in the country.

Iheanacho, who is a major maritime industry operator, told journalists that liberalization will result in more investors coming into the industry, leading to a drop in pump prices as well as the availability of the products.

He explained that with the increase in the production volume, the local demand will be met while the remaining can be exported to other countries.

He also said that there is a need for the authorities to engage those involved in illegal refining in a bid to ascertain those that can come into legal refining operations.