The federal government has promised to protect all players in the downstream petroleum sector in order to sustain stability, affordability, and availability of petroleum products nationwide.
Those covered by this protection, according to the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, include from producers to distributors and consumers.
Speaking when he received a delegation of key industry stakeholders, he commended them for their resilience and commitment to sustaining supply, especially in a deregulated environment where, according to him, partnership and collaboration remain vital.
“We recognize the contributions of all stakeholders in the oil industry, and in the interest of the nation, and with the ultimate goal of finding the best solutions for our industry, the government will protect everyone: producers, distributors, and consumers alike, to ensure that our industry continues to thrive for the benefit of all,” Mr Lokpobiri said.
“These efforts are particularly commendable in a deregulated environment, where resilience and partnership are essential,” the Minister stated in a message posted on his official X handle.
Mr Lokpobiri further stressed the government’s resolve to deepen engagement with all stakeholders to secure the future of the downstream sector while fostering a level playing field.
“We remain determined to strengthen collaboration with stakeholders to secure the future of Nigeria’s downstream sector, just as we are committed to fair competition. It is through open and competitive markets that we can achieve availability, affordability, and stability of petroleum products nationwide, for the ultimate benefit of all Nigerians,” he added.
The Minister’s remarks come amid heightened concerns over the challenges of deregulation, alleged monopoly by private refineries and the need for a more competitive market to ensure sustainability in Nigeria’s energy supply chain.
Those received by him were the Major Energy Marketers Association of Nigeria (MEMAN); Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN); National Association of Road Transport Owners (NARTO); Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN); Natural Oil and Gas Suppliers Association of Nigeria (NOGASA); and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).