Stakeholders Brainstorm on Nigeria’s Downstream Oil Sector, Seek Fair Competition

Stakeholders in Nigeria's oil industry convened to discuss the country's downstream sector, emphasizing the importance of stability following recent deregulation in line with the Petroleum Industry Act (PIA). The roundtable, organized by Extractive 360 in Abuja, highlighted the sector's crucial role in the oil and gas industry, impacting product availability, pricing, and distribution.

The sector is currently facing challenges such as intense competition, fluctuating prices, high operating costs, and infrastructural bottlenecks. Participants noted the need for stability, competitiveness, and fair regulation to navigate the evolving market dynamics and meet public expectations.

Legal expert Olasubomi Chuku raised concerns about threats to fair competition, including monopolies, regulatory instability, and lack of consumer protection. Journalists were urged to demand transparency, monitor prices, and promote accountability in the sector to ensure a level playing field and benefit consumers.

Oil and Gas Governance Consultant Ademola Adigun stressed the importance of fair competition to create a healthy market.