Concept:Privatisation means transferring government-owned businesses to private ownership to increase private sector participation.
Explanation:Privatising the petroleum industry allows private companies to invest, operate, and compete in the sector.
This reduces government monopoly and encourages private businesses to join the industry.
It does not aim to reduce production, reduce private businesses, or keep production under government control.
Therefore, the purpose is to encourage private participation in the sector.
Answer:C. Encourage private businesses in the sector