Nigeria’s Fuel Crisis: Regulatory Authority Vows to Clamp Down on Sharp Practice
The Petroleum Products Retail Outlets Owners Association (PETROAN) has issued a stern warning to oil and gas operators in Nigeria, stating that the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will not hesitate to take action against those engaging in sharp practices that harm the country’s economy.
PETROAN President, Billy Gillis-Harry, made this statement in an interview with Media Talk Africa on Tuesday, following a recent stakeholders’ meeting. He emphasized that NMDPRA is responsible for regulating the oil and gas sector to prevent anti-competitive forces from hijacking the market.
According to Gillis-Harry, the agency has pledged to grow Nigeria’s economy and facilitate ease of doing business, which he believes will benefit all Nigerians. “NMDPRA is established by law to ensure that every effort to regulate the mainstream and downstream sector of the petroleum industry is sufficiently managed,” he said.
Gillis-Harry also noted that NMDPRA’s role is to enforce sections of the Petroleum Industry Act (PIA) relating to pricing, ensuring that the industry is regulated in a fair manner without supporting monopoly.
The warning comes amid a recent hike in fuel prices, with the price of fuel ranging from N1030 to N1200 per liter, according to the Nigerian National Petroleum Company and other industry players. Nigerians have faced fuel price hikes in recent months, with the country’s inflation rate rising to 32.70 percent in September 2024.
The Petroleum Products Retail Outlets Owners Association is committed to ensuring that the oil and gas sector is run in a fair and transparent manner, and will continue to work with the government and other stakeholders to achieve this goal.
