• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, July 5, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Marketers kick against restriction of petrol import to refinery owners as contained in PIB

The Matters Press by The Matters Press
July 13, 2021
Reading Time: 2 mins read
0
July petrol pump price ranges between N140.80 and N143.80


Oil marketers have kicked against the restriction of licence to import petroleum products to only owners of refineries as contained in the Petroleum Industry Bill (PIB).

RELATED POSTS

Dangote sugar begins production in Nasarawa soon

Guinness plans expansion, inaugurate water recovery plant

Dangote cement kicks off ‘bag of goodies 3’ promo

The Bill was passed by the Senate on July 1.

The oil marketers said in a statement issued in Lagos that the insertion of the clause in the Bill would create a monopoly that would exploit ordinary Nigerians.

The statement was signed jointly by Mr Olufemi Adewole, Executive Secretary, Depots and Petroleum Products Marketers Association (DAPPMAN) and Mr Clement Isong, Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN).

ALSO READ  Stable petrol supply excites Buhari

Section 317(8) in the Senate’s version of the Bill states that licence to import any product shortfalls shall be assigned only to companies with active local refining licences.

The import volume shall be allocated between participants based on their respective production in the preceding quarter.

The two associations noted in the statement that the restriction extended to products like diesel, kerosene, liquefied petroleum gas and base oils that had long been deregulated.

They also noted, however, that “as industry stakeholders and professionals with heavy investments in the downstream sector, we welcome the entry and participation of local refineries.

“We believe that local refining ultimately benefits Nigerians and our economy. We also commend the government’s plan to repair all existing refineries boosting our refining capacity,’’ they stated.

ALSO READ  Petroleum products availability in Lagos during yuletide

They stated also that their opposition to Section 317(8) was based on the premise that it posed monopoly risk that must be avoided.

The marketers said that it was imperative that a level playing field was set for all operators across the oil and gas value chain.

“Any provision that does not guarantee a free and open market will give room to price inefficiencies and eventually kill off small businesses in the downstream sector.

“This provision will stifle price competition and leave pricing to be solely dictated by a few local refiners. If Nigerians are to pay higher international prices at the pump, we should also benefit when prices go down internationally,’’ they stated

ALSO READ  Partnership with cooperatives ensures government’s programmes are right

They argued that this was not guaranteed unless there was healthy competition.

“Prices must be kept competitive at the pump for the benefit of the average Nigerian whose income is constantly being eroded by inflation.

“Allowing imports by major players across the supply chain will protect consumers by ensuring that local pump prices are not higher than regional and international prices.

“MOMAN and DAPPMAN remain committed to the sustainability and institutionalisation of a viable downstream petroleum industry for the social and economic growth of Nigeria,’’ they stressed.

Tags: Petrol
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Buhari inaugurates $73m fund to boost Sugar production
Business

Dangote sugar begins production in Nasarawa soon

July 5, 2022
Guinness brewery in Aba hit by fire
Business

Guinness plans expansion, inaugurate water recovery plant

July 5, 2022
Dangote Cement commences Tranche II share buyback
Business

Dangote cement kicks off ‘bag of goodies 3’ promo

July 5, 2022
Buhari underscores the opportunities in a single African air transport
Business

Aviation minister stresses need for private investment to ensure efficiency

July 5, 2022
Nigeria has not taken decision yet on fuel subsidy
Economy

LCCI calls for fuel subsidy removal, increased refining

July 5, 2022
DMO opens offer for 4th N250bn Sukuk fund
Economy

DMO lists N250bn Sovereign Sukuk on NSE, FMDQ

July 5, 2022
Next Post
Buhari flags off $2.5bn Gas Pipeline Project, assures of prompt completion

Buhari commits to African Peer Review mechanism

2nd Niger bridge in progress

NSIA optimistic on 2022 completion date for 2nd Niger Bridge, others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria loses $25b to foreign ship owners

Meaning of War in Ukraine to supply chains

April 5, 2022
Maritime workers begins strike July 3

Edo Inland Dry Port will boost economy

December 11, 2020
South East rail in progress, Amaechi assures Igbo

Nigeria moves to rehabilitate railway village

May 17, 2019

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • Highest score in Common entrance, NECO unveils placement policy

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Dangote sugar begins production in Nasarawa soon
  • Guinness plans expansion, inaugurate water recovery plant
  • Dangote cement kicks off ‘bag of goodies 3’ promo

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • Natural Resources
  • News
  • Opinion
  • Photo
  • Politics
  • Security
  • Special News
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?