OpeOluwani Akintayo
Lagos — The Major Oil Marketers Association of Nigeria MOMAN, has said it is currently seeking to consult with the Ministry of Petroleum Resources, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other industry stakeholders to understand exactly how this decision would impact the other provisions in the Petroleum Industry Act as well as market operations.
The Association’s response came following the federal government’s suspension of subsidy removal.
In a release signed by Olumide Adeosun, Chairman, MOMAN, said consultation necessarily would be towards understanding and contributing towards what market philosophy and regulations should be in place during the 18-month period to ensure uninterrupted supply, transparency.
He added that the decision having been taken to suspend subsidy removal, the direction of the Association will be in line with long-term objectives for the administration and growth of the industry.
“Once clarity has been achieved, we shall address a press conference on the issue”, he said.
Earlier this month, the federal government announced its intention to suspend removal of the PIA billed to take effect from June.
The reforms contained in the PIA are a combination of several decades of engagement with internal and external stakeholders, capturing local and international best practices to encourage investments in the petroleum downstream sector, optimise costs, ensure transparency, and upgrade industry assets and infrastructure (refineries, depots, pipelines, trucks, and filling stations).
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