The new regulations are: Midstream and Downstream Petroleum Operations Regulations, 2023, Assignment or Transfer of License and Permit Regulations, 2023; Petroleum Measurement Regulations, 2023;. Gas Pricing and Domestic Demand Regulations, 2023; Petroleum (Transport and Shipment) Regulations, 2023 as well as Natural Gas Pipelines Tariff Regulations, 2023.
To further ensure sanity in the supply and distribution across the value chain, Sylva directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for PMS.
NAEC ,therefore, recommends that NNPCL should ensure a transparent subsidy system that will allow the supply figures and cost templates that provide basis for subsidy claims to be verifiable.
Adeosun who was speaking at the quarterly webinar workshop organized for Energy Editors and correspondents, noted that as a country, Nigeria must begin the process of price deregulation to reduce this inefficient subsidy.
As part of measures to mitigate the situation, trucking via alternative routes is currently ongoing. The Authority assures the public that there are sufficient petroleum products inland.
A breakdown shows that in the Southwest a pump price goes for N179 from N165 per liter, an increase of N14/liter, North West N184 per liter, an increase of N19/liter, North East N189/liter, N24/liter increase, South South N179/liter, an increase of N14/liter.
The MOMAN chairman noted that there is some energy nationalism going on, leading to some major refining countries hoarding petroleum products like diesel for local use as was the case with COVID-19 vaccines, adding that some developing countries are subsidizing the cost, leading to widespread outages in those countries.
We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.
