PETROAN Seeks Competitive, Stable Downstream Sector for Economic Growth
Samuel Mobolaji
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), after consulting with key stakeholders, is calling for a competitive, stable downstream market that protects consumers and promotes innovation.
The association, in a statement signed by its Public Relation Officer (PRO), Dr Joseph Obele, explained that the downstream sector, which is crucial to Nigeria’s economic vitality, faces persistent challenges like fluctuating prices, monopolies, and unhealthy competition. These issues undermine consumer trust and hinder investment in a sector that powers the nation’s industries, transportation, and homes.
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To this end, PETROAN, advocates for multiple supply sources—including Dangote Refinery, NNPC refineries, modular refineries, and imports—fostering competition and shielding the local market from exploitative practices.
The association, however, commends regulatory bodies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) for their efforts in promoting fair competition, while urging them to remain vigilant.
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In addition to healthy competition, PETROAN stresses the need for price stability, which is vital to economic security. Price volatility has a ripple effect, escalating transportation and food costs, destabilizing the economy, and burdening citizens.
The association, therefore, proposes mechanisms for price stability that span at least six months, reducing market uncertainty and encouraging investment in the sector. This would shield the economy from job losses and create an environment conducive to growth.
To realize these objectives, PETROAN advocates for comprehensive regulatory frameworks that protect consumers, incentivize infrastructure investment, and promote environmental sustainability.
The association calls for a unified effort among government agencies, regulatory bodies, and industry players to create a competitive, transparent, and stable downstream sector that secures a prosperous future for Nigeria’s economy and citizens.
As PETROAN remains committed to advocating for full market liberalization and fair pricing, they urge swift action from NMDPRA and other stakeholders to foster a vibrant, sustainable, and equitable downstream sector for all.
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