Reps Committee Initiates Fuel Supply Stability Talks

On Tuesday, the House of Representatives Committee on Petroleum Resources (Downstream), led by Chairman Ikenga Ugochinyere, launched a new initiative to reconcile differing views between petroleum importers and domestic refiners. This initiative aims to ensure energy security, stable fuel supply, and a competitive downstream petroleum sector.

The committee held an interactive session at the National Assembly with representatives from the Depot and Petroleum Products Marketers Association of Nigeria, the Independent Petroleum Marketers Association of Nigeria, and the Major Energies Marketers Association of Nigeria. This engagement is crucial as Nigeria's downstream petroleum industry is evolving due to the Petroleum Industry Act, market deregulation, and the rehabilitation of state-owned refineries.

Ugochinyere emphasized the importance of consensus-building among operators and stated that reforms must reflect the realities of those sustaining the fuel distribution network. He assured stakeholders that no significant policy would be developed without extensive consultations, highlighting the critical role of marketers and depot owners in ensuring stable prices and reliable supply.