Following the actualisation of the Petroleum Industry Act (PIA), Nigeria’s oil and gas sector will witness multiple competition along with series of investment both locally and internationally, the Independent Petroleum Marketers Association of Nigeria (IPMAN), has said.
IPMAN’s National President, Alhaji Sanusi Fari, made this known in a statement made available to iBrandTV in Awka on Friday.
According to the IPMAN president, though the PIA was not without imperfections, it would bring transparency and accountability, which would result in better profitability for the greater number of Nigerian people.
“The PI Act, 2021 is long overdue, in spite some disagreements on some issues, it will usher in a new era of transparency and accountability in the administration of petroleum resources in the country.”
READ ALSO: Petrol Price: Motorists, households, others pay above N170/L in Adamawa, Kwara, Plateau
Fari said commercialising the Nigeria National Petroleum Corporation (NNPC) under the Act, would not only break its monopolistic grip of the industry, but make it profit oriented and more answerable to Nigerians.
He said the PIA would open the space for more importers of petroleum products, thereby, giving way for competitive pricing and also encourage investments in refineries.
According to him, the PIA Act will end the era of NNPC, being the sole importer of Premium Motor Spirit and increase competition by investors, which is likely to lead to improvement of the economy.
“Under this Act, the NNPC will soon be transformed into a limited company, which will start paying taxes to the Federal Government and dividends to shareholders.
“With this Act, there will be improved efficiency in the commercialised NNPC and IPMAN members, in no distant time, can easily plan for various means of supply of products to their outlets as the market will now be open.
“All our local refineries that have not been in operation, will come back to life because of the likelihood of making returns on investments, after the repairs,” it stated.
Fari pledged IPMAN’s continued support for the Federal Government, toward achieving its laudable objectives in the petroleum industry, in the interest of citizens.