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Oil marketers push for subsidy removal within six month

Major Oil Marketers Association of Nigeria, MOMAN, has called for the full deregulation of the downstream sector of the petroleum industry within six months in line with the provisions of the Petroleum Industry Act (PIA).

Addressing the press yesterday, the new Chairman of MOMAN, Mr. Olumide Adeosun, disclosed that the association has made its position on the issue known to the Federal Government through a letter to the Minister of State for Petroleum Resources.

He noted that the group expects a free, fair and competitive downstream sector, stressing that Nigeria has the potential to become Africa’s energy hub if the PIA is properly implemented.

He harped on the need for the PIA implementation committee to work with industry practitioners and operators to ensure that there is no disconnect between the policy provisions and actual practice.

Adeosun stated: “Making the transition to a fully competitive pricing oriented downstream sector will require the collective engagement and resolve of all stakeholders. I assure you that MOMAN will continue to be at the forefront in bridging the government and the private sector in ensuring that Nigeria has a viable energy sector.

We will continue to sustain the engagement and the creation of initiatives that will make the implementation of this law a shared success for all concerned parties.”

Adeosun, who is the CEO of Ardova Plc (Formerly Forte Oil), pointed out that with the PIA, “a new era has begun and we will work hard to make certain that the benefits of the liberalised downstream yields the desired effect for our business and the Nigerian economy.

I believe that Nigeria can and will become the energy hub of Africa. MOMAN plays a very important role in achieving this vision in the downstream sector because no singular company makes a flourishing sector”.

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