The Nigerian petroleum sector has recently witnessed major changes that have drawn reactions and demands from the Independent Petroleum Marketers Association of Nigeria (IPMAN). The decision to fully deregulate petrol prices, coupled with the withdrawal of the Nigerian National Petroleum Corporation Limited (NNPCL) as the sole buyer of refined petrol from the Dangote Refinery, has ushered in a new era in the sector.
With the deregulation of prices, distributors are now free to source from different suppliers, including through importation. Chief Chinedu Ukadike, the IPMAN spokesperson, noted that distributors will now be able to choose their sources of supply based on prices, making IPMAN more competitive in the market.
However, the decision to return to full deregulation has been seen as shrouded in secrecy, with a lack of transparency that has left distributors uncertain about the decisions taken. This lack of transparency in decisions taken by the authorities can affect the confidence of stakeholders in the oil sector, thus highlighting the need for clearer and more transparent communication from the relevant authorities.
Meanwhile, the Chairman of IPMAN, Alhaji Abubakar Maigandi Shettima, has demanded a refund of N15 billion from NNPCL for unfulfilled orders for petrol placed by independent distributors. This request for refund highlights the existing tensions between distributors and NNPCL, highlighting the need for better coordination and a more transparent relationship between stakeholders in the sector.
Finally, an industry expert pointed out that NNPCL does not have business relationships with associations such as IPMAN, but deals directly with companies that have met the necessary conditions to purchase and distribute petrol. This clarification highlights the need for stakeholders in the sector to adhere to the rules and procedures in place to ensure a transparent and smooth functioning of the oil market.
In conclusion, the recent evolution of the oil sector in Nigeria raises important questions about transparency, regulation and relationships between stakeholders in the sector. It is essential that the relevant authorities work in collaboration with distributors and associations to ensure a fair, transparent and efficient oil market for the benefit of all stakeholders involved.