Fuel Price: NMDPRA will come tough against sharp practices by operators – PETROAN

The Petroleum Products Retail Outlets Owners Association, PETROAN, has said that the Nigeria Midstream and Downstream Petroleum Regulatory Authority will not hesitate to clamp down on sharp practice by operators in the oil and gas sector against Nigerians.

The President of PETROAN, Billy Gillis-Harry disclosed this to DAILY POST in an interview on Tuesday.

Gillis-Harry spoke after a recent stakeholders’ meeting, noting that NMDPRA has the mandate to regulate the oil and gas sector to prevent it from being hijacked by anti-competitive forces.

According to him, the agency has pledged commitment to grow Nigeria’s economy and encourage the ease of doing business for the benefit of all Nigerians.

“NMDPRA is established by law to ensure that every single effort to regulate the mainstream and downstream sector of the petroleum industry is sufficiently managed.

“So far from what they are doing, you can’t escape sharp practices with the vigilant. They are anxious to grow the economy, and our businesses and also support a fair business environment for the benefit of Nigerians.

“NMDPRA’s role is to enforce sections of the PIA relating to pricing. They will make sure that the industry is regulated without any lopsidedness to support monopoly,” he said.

His comments come amid the recent hike in the price of fuel to between N1030 and N1200 per liter by the Nigerian National Petroleum Company and other players in the industry.

In the past months, Nigerians have continued to witness fuel price hikes as the inflation rate rose to 32.70 percent in September 2024.