The workshop provided data-driven insights into the sector's growth potential. Stakeholders emphasized the need for continuous industry engagement, collaboration, and public sensitization to aid public buy-in on new policies by the government.
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.
The Major Oil Marketers Association of Nigeria, (MOMAN), has challenged operators in the Nigerian downstream sector on the automation of their services...
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.
President Muhammadu Buhari had on Tuesday, signed the 2023 budget of N21.83 trillion into law after lawmakers increased the size by 6.4% and raised the oil price assumption.
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.
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.
MOMAN, as an Association, fears that the current supply framework cannot guarantee steady and consistent supplies to the country given the current state of Government finances and unpredictable international supply shortages.
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.
