The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is requesting for the prevention of monopolies and ensuring local refineries thrive, given their significant economic benefits to the country.
PETROAN in a statement observed that the importance of healthy competition is essential for fostering innovation, improving service delivery, and ensuring that consumers have access to affordable products, adding that when competition thrives, it leads to better choices for consumers and ultimately contributes to economic growth.
Dr Joseph Obele, National Public Relations Officer (PRO), PETROAN in a statement said the association commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) for their efforts in promoting healthy competition but urged the regulatory bodies to remain vigilant and prevent unfair competition practices.
“Today we are faced with a matter of paramount importance to our economy and the wellbeing of our citizens; we are reminded of the critical role that the downstream sector plays in our nation’s economy. It is the lifeblood that fuels our industries, powers our homes, and drives our transportation systems. However, this sector is not without its challenges,” the statement reads.
“Fluctuating prices, market monopolies, and unhealthy competition can undermine the very foundations of our economy and the trust of our citizens. After due consultation with key stakeholders and players in the Petroleum sector, the (PETROAN) has taken a firm stance on promoting healthy competition and controlling price fluctuations in the downstream sector.”
In achieving healthy competition, PETROAN called for multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports, noting that it will ultimately lead to price stability.
The association is calling for sound policies and regulations that support a competitive and stable market that include: the establishment of clear and fair regulations that govern market practices, ensuring that all players adhere to the same standards; consumer protection measures; encouraging investment in infrastructure that supports the downstream sector; as well as promoting environmentally sustainable practices.
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