Petroleum marketers, refiners, and depot owners in Nigeria have called for the full deregulation of the downstream oil sector, urging an end to 00 price controls linked to subsidies.
This appeal was made during a webinar organized by the Major Energies Marketers Association of Nigeria (MEMAN), in collaboration with other key industry associations, under the theme ‘Optimising the Nigerian Oil and Gas Industry’.
The participants advocated for a market-driven pricing mechanism, noting that such deregulation would foster competitiveness, operational efficiency, and greater private sector involvement.
A significant portion of the discussion centered around enhancing local refinery operations to reduce dependency on imported petroleum products. Stakeholders called for flexibility in crude oil sourcing for marketers and the establishment of agreements between refineries and retail companies.
The webinar also addressed the transition toward cleaner energy sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), underscoring the need for sustainable energy solutions in alignment with global environmental goals.
Additionally, stakeholders proposed the creation of a committee structure modeled after Nigeria’s Bankers’ Committee, aimed at improving collaboration within the oil sector.
Further discussions focused on Nigeria’s potential to develop a robust petrochemical industry, leveraging abundant natural gas resources to promote local manufacturing and economic diversification.
The webinar concluded with a commitment from stakeholders to support the industry’s transformation through policy reforms, sustainable practices, and strategic investments.