Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that the Federal Government is working with the relevant stakeholders in the petroleum industry to address the challenges militating against oil production and availability in Nigeria.
Lokpobiri stated this at the inaugural Petroleum Industry Stakeholders Forum meeting which was held at the Petroleum Technology Development Fund (PTDF) Headquarters on Thursday in Abuja.
According to the minister, the Forum came to be to bring all the stakeholders under one roof and to resolve all issues around oil production and availability.
He said the Forum, which comprised members from the Upstream, Midstream and Downstream petroleum sectors, would meet quarterly to address issues, concerns, policies, and build consensus so that the oil industry can grow.
While identifying some of the challenges facing the industry including the ongoing effort to ramp up crude oil production to 2 million barrels per day (bpd), he assured that the Forum will address the availability of petroleum products for Nigerians and policy conflicts among the regulators.
Lokpobiri said deregulation has fully set in the sector as global oil price will now determine how much price of fuel will be sold not only in Nigeria but globally.
“The whole idea is to have a one-stop shop where all stakeholders will gather together, address issues, concerns, evolve policies, and build consensus so that the oil industry will grow very fast.
“Before now, you agree with me that every day you were hearing negative news about fuel subsidy. Today, because it is completely deregulated, and price will find its level. As the oil price goes up, the price may go up. As the oil price comes down, the price may come up. What the government is more interested in is quality control.
“What the government is more interested in is availability. What the government is particularly interested in is the disposition of the right quantity. If I buy 10 litres of fuel, let it be that we are not short-changed by the pump price. That is where we have issues.
“Once there is competition, people have a choice. And that is why you didn’t see any queue. If I like, I can buy from the one that sells at N1,060 or the one that sells at N999. That is the real essence of deregulation. And so, nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price,” the minister said.
The National President, Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Dr Billy Gillis-Harry said ” The stakeholders are working as a group to solve problems for Nigeria from policy making to implementation of policies and availability of all kinds energies, gas, white products, PMS, to ensure that the country’s energy security is guaranteed.”
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