shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » MOMAN Says Full Deregulation Of PMS Inevitable With PIB

MOMAN Says Full Deregulation Of PMS Inevitable With PIB

by Joshua
July 8, 2021
in Featured

The Major Oil Marketers Association of Nigeria (MOMAN) says Nigeria is gradually heading toward full deregulation of the Premium Motor Spirit (PMS) with the passage of the Petroleum Industry Bill (PIB).

 

Mr Adetunji Oyebanji, Chairman, MOMAN, made the assertion during a panel session at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja.

Adetunji Oyebanji, Chairman, MOMAN

The conference has as its theme: ‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth.’

Oyebanji said the PIB recently passed by the Senate and the House of Representatives, was needed to liberalise the downstream sector, especially the PMS and put an end to fuel subsidy.

“The PIB when signed into law by the president will prescribe an open market for pricing of petroleum products.

“It will increase investment in the sector and improve our domestic refining capacity, especially with the coming on stream of the Dangote Refinery and the rehabilitation of the nation’s refineries.

“So, the enabling environment is gradually being created, to enable us move to full deregulation of the downstream sector in the not too distant future,” he said.

Read Also:  Buhari Appoints Abdulahmid As New Envoy To WTO

Oyebanji noted that efforts by the Federal Government to remove subsidy on petrol had been met with stiff resistance from the Organised Labour and the Civil Society Organisations.

He said, “the argument has always been that Nigeria needs to improve its refining capacity before subsidy on petrol is abolished and with investments coming from the passage of the PIB, this will become possible.”

According to him, the landing cost of petrol at the moment was about N210 while the product is being dispensed to Nigerians at N162 to N165.

He said the huge amounts being used in subsidising petrol could be channeled to other critical sectors of the economy which would be of more benefit to Nigerians.

“We believe that a fully deregulated market will increase efficiency, competition and attract more investments to the sector,” Oyebanji added.

shippingposition

Kindly like us on Facebook


Tags: MOMANPIB

Related Posts

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

July 11, 2025
Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

July 11, 2025
Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

July 11, 2025
Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

July 11, 2025

Discussion about this post

Latest News

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

July 11, 2025

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

NSC Boss Urges Cooperative Members to Invest in Housing for Long-Term Wealth

FAAN, Customs Intensify Efforts To Exit Grey List

Lekki Port Expands Reach with Transhipment to West African Ports, Eyes 500,000 TEUs in 2025

MAMAL 2025: MARAN Targets Maritime Fraud, Demands End to War Risk Premiums on Nigerian Trade

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition