Subsidy Removal: MOMAN to Dialogue with FG

Major Oil Marketers Association of Nigeria (MOMAN) has revealed plans to engage the Federal Government (FG) in dialogue on what it feels should be put in place in the next 18 months before the removal of subsidy.

Speaking to a journalist at a recent press conference, the Chairman of MOMAN, Olumide Adeosun, said though the association has met with the Minister of State for Petroleum Resources, Timipre Sylva, however, they still want to meet with concerned top government functionaries that could throw more lights around the planned N3 trillion Subsidy payment as well as the shift in the implementation of the end of fuel subsidy.

“We want to understand how this decision would impact the other provisions in the Petroleum Industry Act as well as market operations.”

When asked what the group would be doing for the next 18 months which was the period when the government would decide to remove the subsidy, he said MOMAN has resolved to continue to engage the government on this critical issue.

“The Major Oil Marketers Association of Nigeria has been approached by members of the press seeking its reaction concerning the suspension of subsidy removal.

“The members of the Association are currently seeking to consult with the Ministry of Petroleum Resources, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority, and other industry stakeholders to understand exactly how this decision would impact the other provisions in the Petroleum Industry Act as well as market operations.

Also Read: Major Oil Marketers Waiting For Dangote Refinery For Petroleum Products Supply

“Recall, that the reforms contained in the PIA are a combination of several decades of engagement with internal and external stakeholders, capturing local and international best practices to encourage investments in the petroleum downstream sector, optimize costs, ensure transparency, and upgrade industry assets and infrastructure (refineries, depots, pipelines, trucks, and filling stations).

“The decision having been taken to suspend subsidy removal, the direction of our consultation necessarily would be towards understanding and contributing towards what market philosophy and regulations should be in place during the 18 months to ensure uninterrupted supply, transparency.

“This will be in line with long-term objectives for the administration and growth of the industry,” he noted.

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