Historic Forum Launched To Address Nigeria’s Oil Industry Crisis

Historic Forum Launched To Address Nigeria’s Oil Industry Crisis

In a significant move to address the mounting challenges in Nigeria’s oil and gas sector, industry operators and regulators gathered for a pivotal meeting aimed at forging a unified approach to critical issues affecting the sector. The meeting,…Historic Forum Launched To Address Nigeria’s Oil Industry Crisis

the inaugural session of the Petroleum Industry Stakeholders Forum (PISF), was led by Heineken Lokpobiri, the Minister of State for Petroleum Resources.

Lokpobiri, alongside oil marketers, sought to ease concerns over a potential rise in petrol prices, reiterating that price fluctuations are now dictated by international crude oil prices. The minister emphasized that Nigeria’s downstream sector is now fully deregulated, with the government stepping back from direct price control.

“The purpose of this forum is to bring together all leaders of the oil and gas industry to foster dialogue and consensus on the challenges facing us,” Lokpobiri explained. He also stressed the government’s focus on ensuring quality control, availability, and fair dispensing of petrol, so that consumers are not short-changed at the pump.

While the deregulation policy has brought an end to the contentious petrol subsidy debates, the forum also highlighted a new era for price determination. Prices will reflect the global oil market trends, with prices rising and falling in line with crude oil prices.

Huub Stockman, chairman of the Major Energy Marketers Association of Nigeria (MEMAN), noted that while crude oil prices have a direct impact on pump prices, changes in prices do not always occur immediately. He likened predicting these changes to “a bit of a crystal ball conversation.”

Further discussions at the forum revealed that independent marketers, such as the Independent Petroleum Marketers Association of Nigeria (IPMAN), have established direct supply agreements with Dangote Refinery, ensuring more competitive prices for consumers. IPMAN President Abubakar Maigandi confirmed that the association has maintained a uniform petrol price of N935 per litre through these partnerships.

Dr. Billy Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), proposed quarterly forums to ensure continuous engagement and collaboration, enabling the industry to navigate challenges effectively.

Meanwhile, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, underscored the significance of sustained production volumes, praising the current administration for aligning production with the Organization of Petroleum Exporting Countries (OPEC) quotas. He called for policies that would ensure consistent oil production, regardless of fluctuating oil prices.

As the forum concluded, there was a collective commitment to addressing key issues such as quality control, price stability, and boosting production, all aimed at strengthening the Nigerian oil and gas industry.

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