The Federal government has commenced a stakeholder consultation process on proposed regulations aimed at preventing anti-competitive practices and behaviour in the country’s midstream and downstream petroleum sector.
The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Rabiu Umar, disclosed this in a notice issued on Thursday.
The regulator called on licensees, permit holders, and other stakeholders to submit comments on the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations.
NMDPRA said the move is in compliance with Section 216(1) of the Petroleum Industry Act (PIA) 2021, which mandates stakeholder consultation before the finalisation of regulations.
The Authority said stakeholders in the country’s oil and gas sector have 21 days from the date of publication of the notice to submit comments on the proposed regulations.
“In compliance with Section 216(1) of the Petroleum Industry Act 2021 requiring consultation with stakeholders prior to the finalisation of Regulations, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) hereby invites licensees, permit holders and other stakeholders to make submissions within twenty-one (21) days from the date of this publication in respect of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations,” the notice reads.
This comes amid continued volatility in petrol and diesel prices over the past six months.
Recall that barely a month ago, the regulator insisted on cost-reflective petroleum product pricing.
Fuel Price: Nigerian govt moves against anti-competitive practices in energy sector