Home Topics Major Oil Marketers Association of Nigeria
Major Oil Marketers Association of Nigeria
There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.
The Federal Government on Thursday inaugurated an Alternative Dispute Resolution Center (ADRC) to quicken the resolution of disputes in the oil and gas industry in Lagos.
“The issue around the retail price has not been resolved at all. It seems the government has jettisoned deregulation. We are being forced to sell at a price that is not profitable. The ground is not level and we are told to sell at the same price with NNPC retail stations, that we shouldn’t increase the price. This is the cause of the scarcity,” the MOMAN official said.
The poor state of infrastructure in petroleum downstream sector has been blamed on years of under-pricing the pump price of premium motor spirit, petrol, through subsidy payment.
Marketers of petroleum products under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have called for a joint action of stakeholders in the Nigeria economy to find ways to mitigate adverse effects of the imminent increase in the price of petrol.
The Department of Petroleum Resources (DPR) has inaugurated a Downstream Remote Monitoring System (DRMS) for transparency and accountability in monitoring transportation of petroleum products in the country.
The Department of Petroleum Resources, DPR, Tuesday, disclosed that it plans to upgrade operations in the downstream petroleum industry, leveraging on its ongoing automation process.
Major Oil Marketers Association of Nigeria (MOMAN) says plans to fix the freight rate for Premium Motor Spirit (PMS) can hinder the downstream sector’s full deregulation.
The Federal Government says it will leverage the opportunities provided by the African Continental Free Trade Area Agreement (AfCFTA) to reposition the oil and gas sector.
The Nigerian-British Chamber of Commerce (NBCC) on says the Petroleum Industry Bill (PIB) currently before the National Assembly provides an opportunity for growth in the oil and gas sector.
Against the backdrop of the full deregulation of the nation’s downstream oil sector, major oil marketers have said fierce competition will moderate the pump prices of petrol.
The Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, will be beneficial to Nigeria and Nigerians in the long run.
The Major Oil Marketers Association of Nigeria (MOMAN) says Nigeria is gradually heading towards full deregulation of the Premium Motor Spirit (PMS) which will enable pump price to be determined by market forces.
Oil marketers, under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), yesterday, kicked against attempts by some labour groups and trade associations to stage a protest march in opposition to the recent hike in the price of Premium Motor Spirit, also known as petrol.
Marketers are calling for appropriate legislation that will enforce the new fuel subsidy removal policy of the Federal Government.
The Federal Road Safety Corps (FRSC) says Nigeria lost over N39 billion to tanker and trailer-related road crashes in 2018.
The Chief Executive officer of FSDH Merchant Bank Limited, Hamda Ambah, has said the government must provide palliative measures for the masses to guarantee the success of the deregulation of the downstream oil and gas sector, which will lead to the removal of fuel subsidy.
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