The chairman of the Nigerian House of Representatives Committee on Petroleum Resources (Downstream), Hon. Ikenga Imo Ugochinyere, has commended the Nigerian National Petroleum Company Limited (NNPCL), Dangote Refinery, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for their roles in ensuring a consistent supply of petrol across the nation this festive season.
The commendation comes in the light of NNPCL’s ongoing efforts to provide a steady supply of petrol across Nigeria, which has been a critical issue for many citizens and businesses.
Ugohinyere highlighted that the sustained availability of Premium Motor Spirit (PMS), commonly known as petrol, was not merely coincidental but a direct result of the rigorous implementation of the Petroleum Industry Act (PIA) in its downstream sector. The PIA, enacted to reform Nigeria’s oil and gas industry, aims to enhance transparency, attract investment, and ensure energy security for the country.
One key reason for this improved availability is the strategic collaboration between NNPCL and Dangote Refinery. Since commencing operations, the refinery has significantly increased its production capacity, reducing Nigeria’s overreliance on imported fuel. This local production capability is crucial in stabilizing supply chains and mitigating disruptions often arising from global market fluctuations or logistical challenges.
Furthermore, NMDPRA’s regulatory oversight has been essential in maintaining market order and ensuring compliance with industry standards. NMDPRA has contributed to a more predictable market environment that benefits consumers and businesses by effectively monitoring fuel distribution and pricing mechanisms.
He noted that while the achievements are commendable, they come after a period marked by significant challenges within the petroleum sector. “The painful yet necessary adjustments made during the implementation of the PIA have laid a foundation for sustainable practices that promise long-term benefits for Nigeria’s economy,” he added.
Ugochinyere concluded his statement by reaffirming his commitment to supporting policies that promote sustainability in Nigeria’s petroleum industry. He urged stakeholders to continue working collaboratively to ensure that these positive trends persist, thereby securing the energy needs of all Nigerians.
The commendation from Hon. Ugochinyere underscored a significant shift in Nigeria’s approach to managing its petroleum resources effectively. As stakeholders continue to navigate the reforms introduced by the PIA, strategic partnerships among key players like NNPCL, Dangote Refinery, and NMDPRA are crucial for achieving long-term energy security in Nigeria.