Emmanuel OchayiThe Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reinforced its stance that it will not intervene in determining the prices of petroleum products from the Dangote Refinery once it becomes fully operational.
This statement came from Farouk Ahmed, Chief Executive of the NMDPRA, during a meeting with key oil marketing companies in Abuja aimed at tackling issues surrounding petroleum product scarcity and exploring alternative solutions.
Join our WhatsApp ChannelAhmed emphasized the government’s encouragement of local refining like Dangote Refinery to reduce imports but clarified that it will not mandate oil marketers to purchase from the Dangote Refinery. He emphasized that such decisions remain commercial in nature.
In his words, “NMDPRA will not determine how much it is sold or how much you are buying. It is their own decision to go to Dangote refinery and purchase, and for Dangote refinery to determine the price they sell. As a regulator, we will not determine the price, we are only interested that the nation is well supplied.”
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Ahmed also highlighted the government’s push for the establishment of Compressed Natural Gas (CNG) points at filling stations to enhance consumer accessibility. He urged oil marketers to align with President Bola Tinubu’s directive for government vehicles to be CNG-powered, emphasizing that new retail licenses will require CNG points.
“We are looking at gas because we have it in abundance, we have over 200 trillion cubic feet of gas. All we need is to harness the industry to produce, invest, and be good for the consumer and CNG is the way to go,” Ahmed said.
The agency is collaborating with producing companies, NUPRC, NNPC Limited, and the Gas Aggregation Company of Nigeria to ensure competitive pricing and availability of CNG to consumers.
Abdukabir Adisa Aliu, CEO of Matrix Energy, representing the oil marketing companies, expressed readiness to support the government’s efforts in expanding energy sources for Nigerians. He stressed the importance of national interests above all and called for patience from Nigerians.
“It is the country first and it is when you have a good country that the marketers will be able to operate and the consumers would be able to buy. I think the decision of the FG supersedes all other decisions that we have. We are all in alignment with the decisions of the government and plead with Nigerians to be patient,” Aliu stated.
The discussions reflect a shift towards leveraging domestic resources and promoting energy diversification to ensure sustainable and affordable energy access for Nigerians.
As the Dangote Refinery nears full operation, stakeholders are navigating the complexities of the petroleum market while emphasizing the need for cooperation and adherence to government directives for the benefit of all.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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