The federal government has convened oil and gas stakeholders to discuss fair pricing of petroleum products across the country.
Stakeholders at the meeting, held on Monday at the
headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory
Authority (NMDPRA) in Abuja, include Dangote refinery, the Federal Competition
and Consumer Protection Commission (FCCPC), and the Petroleum Products Retail
Outlets Owners Association of Nigeria (PETROAN).
In his welcome address at the meeting, Rabiu Umar, chief
executive officer (CEO) of the NMDPRA, said the meeting’s objective was not to
dictate, but to collaborate.
“We want to engage in an open, transparent, and
solution-oriented dialogue. We want to hear your challenges, discuss market
surveillance, look into inventory management, and align on how we can
collectively accelerate key mechanisms like the National Strategic Stock (NSS)
to protect our national energy security,” he said.
“I urge everyone present to engage constructively. Let us
work together to find a balanced path forward that keeps your businesses viable
while ensuring that the public is fairly protected.”
Umar said the gathering was at the directive of Heineken
Lokpobiri, minister of state for petroleum resources (oil) to ensure
“cost-reflective and fair pricing of Premium Motor Spirit (PMS)”.
“Over the past six months, we have navigated considerable
volatility in the international crude oil market. We watched prices surge due
to heightened geopolitical tensions and global conflicts,” he said.
“Recently, we have witnessed a welcome easing of those
tensions, which has driven a downward shift and moderation in global crude
prices.”
According to the NMDPRA boss, however, the domestic retail
market has not yet harmoniously adjusted to these downward shifts.
“As a responsible Regulatory Authority, it is our duty to
step in alongside you, our valued partners, to interrogate the market forces,
understand the operational bottlenecks, and directly address this disconnect
between falling replacement costs and sustained retail prices,” he said.
“His Excellency, President Bola Ahmed Tinubu, GCFR, has laid
a resilient foundation for a deregulated, competitive, and investment-driven
market.
But let me be clear: deregulation is not a license for
market distortion or unfair consumer pricing.
“It is intended to drive efficiency, maximize value, and
protect the public interest.”
Umar said sustainable profitability for marketers and
consumer welfare are not mutually exclusive.
“We need to build a transparent ecosystem where the benefits
of market improvements are passed down to the Nigerian consumer in a timely and
fair manner,” he said.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com