Petroleum marketers, refiners, and depot owners in Nigeria are advocating for the complete deregulation of the downstream oil sector, aiming to eliminate government price controls tied to subsidies.
During a webinar titled “Optimising the Nigerian Oil and Gas Industry,” key industry stakeholders, including the Major Energies Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), the Crude Oil Refiners Association of Nigeria (CORAN), the African Refiners and Distributors Association (ARDA), and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), discussed the sector’s challenges and opportunities.
The participants highlighted the impact of recent petroleum price increases and underscored the need for full market deregulation to enhance sector efficiency and sustainability. They expressed a unified call for removing government-imposed price controls to allow market forces to drive pricing.
The communiqué, issued by MEMAN, reflects the consensus among industry leaders on the necessity of deregulation to foster a more effective and resilient oil and gas industry in Nigeria.
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