Oil marketers in the country under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN), has assured the Federal Government of its support to ensure timely and effective implementation of the Petroleum Industry Act (PIA).

This follows the Presidential approval for the setting up of a committee for the immediate implementation of the recently signed PIA.

This disclosure was made by the Chairman of MOMAN, Mr Olumide Adeosun, Chairman, during an online interaction with newsmen on Thursday in Lagos, according to NAN.

What the Chairman of MOMAN is saying

Adeosun said, “As you know, we were actively involved in the final drafting of the PIA and we have been able to iron out some of the thorny issues which are mainly on the aspects of implementation.

For these issues, we have written to the Minister of State for Petroleum Resources providing some guidance and our views on how the implementation can be effected and particularly within the time frame of about six months.

So, we will be providing support to the government to ensure effective implementation of the PIA. We believe that it is critical that there should be a robust participation from market players in the implementation.”

He pointed out that the PIA marks the beginning of a new era for the downstream sector, adding that MOMAN must be at the forefront of unravelling the opportunities that come with operating in the free-market structures that have been created by the law.

He said, “Making the transition to a fully competitive pricing oriented downstream sector will require the collective engagement and resolve of all stakeholders. I assure you that MOMAN will continue to be at the forefront in bridging the government and private sector in ensuring that Nigeria has viable energy sector.

We will continue sustained engagement and the creation of initiatives that will make the implementation of this law a shared success for all concerned parties.’’

While expressing the full support of MOMAN for the federal government’s move to increase the nationwide usage of Liquefied Petroleum Gas (LPG), Adeosun, however, appealed to the government to reconsider the imposition of Value Added Tax on imported LPG due to the rising cost of cooking gas across the country.

What you should know

It can be recalled that earlier in August, President Muhammadu Buhari signed into law the PIA almost 20 years after it was first introduced and representing a significant milestone for Nigeria’s oil and gas sector.
The Federal Government afterwards inaugurated an implementation committee for the PIA with a charge to ensure effective implementation of the act.
The new law provides the opportunity for purposeful investment into the development of oil and gas resources by providing clear and simple fiscal terms that would guarantee reasonable investors margin.