Worried by anti-competitive practices in the oil and gas sector, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has ushered in a stakeholder consultative dialogue to curb monopoly, arbitrary price-fixing and market manipulation.
NMDPRA Chief Executive Officer, Rabiu Umar, at a stakeholders consultative forum on midstream and downstream petroleum meeting, yesterday in Abuja, said the government would no longer allow racketeers to pollute the sector.
Umar explained that NMDPRA had received submissions and suggestions from the industry players on the proposition, adding that suggestions reflected a true engagement geared towards refining the industry.
According to him, the Authority had signed a Memorandum of Understanding (MoU) with the Federal Competition and Consumer Protection Commission (FCCPC) to solidify regulatory coordination in the oil sector.
He said: “This is therefore a consultation in the true sense of the word. We are here to listen, to learn, and improve the draft where necessary.”
“Our mandates are not necessarily competitive. Our mandates are complementary. And as a result of that, we have signed an MoU with FCCPC to make sure that we strengthen the regulatory environment as regards the petroleum midstream and downstream sector in the country.”
Also, he assured Nigerians that the NMDPRA would not treat the contributions of Nigerians with kid gloves as stakeholders’ inputs would be taken seriously to sanitise the sector.
He said: “We particularly welcome your views on the clarity, practicalities, and the likely impact of the proposed regulations.
“We encourage participants to identify specific provisions that may require adjustment and to suggest practical alternatives that could achieve the intended regulatory objectives.”
On his part, the NMDPRA Secretary and Legal Adviser, Joseph Tolunrunse, in his assessment, pointed out that the document contains 138 regulations spread across 23 parts, stressing that the draft covers pricing conduct, infrastructural assets, dominance and vertical integration, among others.
Tolunrunse said the objectives of the regulations included creating a level playing field in the sector; preventing monopoly and abuse of dominant positions; protecting consumers from market manipulation and anti-competitive behaviour; and guaranteeing open, non-discriminatory access to essential infrastructure (pipelines, depots, terminals, storage).
He said: “The central purpose of the regulation is to translate the competition provisions of the Petroleum Industry Act 2021 into detailed, enforceable rules for the midstream and downstream petroleum industry.”
COURTESY: thesun.ng
