SEQUEL to the meeting held on Wednesday, January 26, the Minister of State for Petroleum Resources, Timipre Sylva, yesterday, met with Major Oil Marketers Association of Nigeria (MOMAN) over issues around the Planners N3 trillion subsidy payment as well as the shift in the implementation of the end of fuel subsidy.
Chairman of MOMAN, Olumide Adeosun, made this known at a press conference in Lagos.
He maintained that the oil marketers, asides the Wednesday meeting, sought further engagement with the Minister and other top government functionaries to understand exactly how this decision
would impact the other provisions in the Petroleum Industry Act as well as market operations.
Commenting on the group’s stance over the government’s 18-month extension in subsidy removal, the MOMAN boss said that the marketers has resolved to continue to engage the government on the issue.
Adeosun stated that his group have been approached by members of the press yo know its stand with respect to the suspension of subsidy removal.
He said, “The members of the Association are currently seeking to consult with the Ministry of Petroleum Resources, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other industry stakeholders to understand exactly how this decision would impact the other provisions in the Petroleum Industry Act as well as market operations.
“Recall, that the reforms contained in the Petroleum Industry Act (PIA) are a combination of several decades of engagement with internal and external stakeholders, capturing local and international best practices to encourage investments in the petroleum downstream sector, optimize costs, ensure transparency, and upgrade industry assets and infrastructure (refineries, depots, pipelines, trucks, and filling stations),” Adeosun added.
He continued: “The decision having been taken to suspend subsidy removal, the direction of our consultation necessarily would be towards understanding and contributing towards what market philosophy and regulations should be in place during the 18-month period to ensure uninterrupted supply, transparency.
“This will be in line with long-term objectives for the administration and growth of the industry.
“Once clarity has been achieved, we shall address a press conference on the issue.”
