As the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, stakeholders in the sector have told Nigerians to be ready to pay as much as N750 per litre of petrol at filling stations. This was the high point of stakeholders’ interventions during an online workshop, with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After.”
The workshop was organised by industry stakeholders, in collaboration with the African Refiners and Distributors Association (ARDA).
The downstream players, in conjunction with economic policy analysts and relevant government agencies, also outlined strategies and measures that should be deployed to ensure the sustainable removal of petrol subsidies.
It emerged, yesterday, also, that Nigeria was struggling to find buyers for its crude oil, as strikes in the French refining sector and seasonal maintenance at plants elsewhere in Europe cut into the Organisation of Petroleum Exporting Countries (OPEC) producer’s sales.
The federal government, through the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, recently hinted that it would end the wasteful petrol subsidy regime before the end of President Muhammadu Buhari’s tenure on May 29, 2023.
But, in their separate interventions during the online workshop, stakeholders emphasized the need for the government to address the challenges facing the sector.
Participants at the workshop included representatives of the ARDA, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and Independent Petroleum Marketers Association of Nigeria (IPMAN).
Others were NNPC Retail Limited (NRL), Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), Federal Competition and Consumer Protection Commission (FCCPC), PricewaterhouseCoopers (PwC), and CITAC Africa, among others.