Major Oil Marketers Association of Nigeria (MOMAN) has said that it is seeking further engagement with the Federal Government and other top government functionaries to understand exactly how the decision to extend the removal of subsidy in the next 18 months would impact the other provisions in the Petroleum Industry Act as well as market operations.
According to Chairman of MOMAN, Olumide Adeosun, at a press conference in Lagos on Monday, he said even though they have met with the Minister of State for Petroleum Resources, Timipre Sylva, the association still want to meet with concerned top government functionaries that could throw more lights around the planned N3 trillion Subsidy payment as well as the shift in the implementation of the end of fuel subsidy.
“We actually want to understand how this decision would impact the other provisions in the Petroleum Industry Act as well as market operations.”
When asked what the group would be doing for the next 18 months which was the period when the government would decide to remove the subsidy, he said MOMAN has resolved to continue to engage the government on this critical issue.
“The Major Oil Marketers Association of Nigeria has been approached by members of the press seeking its reaction with respect to the suspension of subsidy removal.
“The members of the Association are 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.
“Recall, that 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, optimize costs, ensure transparency, and upgrade industry assets and infrastructure (refineries, depots, pipelines, trucks, and filling stations).
“The decision having been taken to suspend subsidy removal, the direction of our 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.
“This will be in line with long-term objectives for the administration and growth of the industry.
Comment here