PIA: IPMAN Lauds Buhari, Says Act Will Engender Efficiency In Petroleum Sector
The National President of Independent Petroleum Marketers Association of Nigeria (IPMAN) says the Petroleum Industry Act (PIA) will engender a conducive environment for a more efficient downstream sector if well implemented.
IPMAN said this in a Statement signed by IPMAN National President, Alhaji Sanusi Fari and made available to newsmen in Awka on Friday.
It would be recalled that President Buhari on Aug. 16 signed the Petroleum Industry Bill into law.
It commended President Muhammadu Buhari for the political will of signing the Petroleum Industry Bill into law after many years of its proposal without seeing the light of day.
The marketers said the assent to the PIB was an important milestone in the life of this present administration and a major breakthrough in the downstream business of petroleum products sales and marketing.
IPMAN also lauded the National Assembly for the courage to ensure that the bill sailed through in spite the obvious challenge.
The association said though the PIA was not without imperfections, it will bring transparency and accountability which would result in better profitability for the greater number of Nigerian people.
According to IPMAN, the PI Act, 2021 is long overdue in spite some disagreements on some issues, it will usher in a new era of transparency and accountability in the administration of petroleum resources in the country,” it stated.
Fari said commercialising the Nigeria National Petroleum Corporation NNPC under the Act would not only break its monopolistic grip of the industry but make it profit oriented and more answerable to Nigerians.
He said the PIA would open the space for more importers of petroleum products thereby giving way for competitive pricing and also encourage investment in refineries.
According to IPMAN, the PIA Act will end NNPC being the sole importer of Premium Motor Spirit and increase competition by investors which is likely to lead to improvement of the economy.
“Under this Act, the NNPC would soon be transformed into a limited company which will start paying taxes to the Federal Government and dividends to shareholders.
“With this Act, there will be improved efficiency in the commercialised NNPC and IPMAN members in no distant time can easily plan ahead for various means of supply of products to their outlets as the market will now be opened.
“All our local refineries that have not been in operation will come back to life because of the likelihood of making returns on investment after the repairs,” it stated.
The association pledged its continued support for the Federal Government towards achieving its laudable objectives in the petroleum industry in the interest of citizens.