The Federal Government has been urged to consider reintroducing fuel subsidies if the Middle East upheaval persists, skyrockets global oil prices and pushes domestic price of fuel to N2000/litre.

Joe Nwakwue, Partner, Zera Advisory and Consulting, and former President of Society of Petroleum Engineers gave the advice on Tuesday at a webinar by the Major Energies Marketers Association of Nigeria (MEMAN).

He explained that the development should be a temporary measure necessary to shield Nigerians from global oil volatility and protect the country's economy.

According to him, the intervention should be well-defined with a clear exit clause if the price of oil reduces.

He also stressed the need for Nigeria to revamp its crude-for-naira initiative to protect the economy of the country against global oil shocks.

To him, the regulatory institutions should also be strengthened with a view to ensuring rules are adhered to by operators in the country's oil and gas industry.