The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA has revealed details of its meetings with Dangote Refinery, petroleum products marketers and retailers as part of efforts to curb anti-competitive petrol pricing in Nigeria.
NMDPRA Chief Executive Officer, Rabiu Umar, said the government would no longer allow racketeers to pollute the sector.
Umar explained that NMDPRA had received submissions and suggestions from industry players on the proposal, adding that the suggestions reflected genuine engagement aimed at improving the industry.
According to him, the Authority had signed a Memorandum of Understanding, MoU with the Federal Competition and Consumer Protection Commission, FCCPC to strengthen regulatory coordination in the oil sector.
He said: “This is therefore a consultation in the true sense of the word. We are here to listen, to learn, and improve the draft where necessary.
“Our mandates are not necessarily competitive. Our mandates are complementary. And as a result of that, we have signed an MoU with FCCPC to make sure that we strengthen the regulatory environment as regards the petroleum midstream and downstream sector in the country.”
He also assured Nigerians that the NMDPRA would not treat their contributions with kid gloves, as stakeholders’ inputs would be taken seriously to sanitise the sector.
He said: “We particularly welcome your views on the clarity, practicalities, and the likely impact of the proposed regulations.
“We encourage participants to identify specific provisions that may require adjustment and to suggest practical alternatives that could achieve the intended regulatory objectives.”
Earlier, DAILY POST reported that petroleum products marketers and retailers weighed the option of reducing fuel prices after Dangote Refinery cut its gantry petrol price by N25.
DAILY POST reports that petrol is currently sold for between N1,395 and N1,450 per litre in Abuja and its environs.
Fuel Price: NMDPRA reveals details of meetings with Dangote Refinery, marketers