Energy

FG Addressing Challenges Of Oil Production, Availability, Policy Conflicts -Lokpobiri

By Sunday Etuka, Abuja

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that the Federal Government is working with all the relevant stakeholders in the petroleum industry to address the identified challenges.

Senator Lokpobiri disclosed this on Thursday while addressing journalists shortly after the Inaugural Petroleum Industry Stakeholders Forum Meeting held at the Petroleum Technology Development Fund (PTDF) Headquarters in Abuja.

The Minister said the Forum was set up to bring all the stakeholders under one umbrella to evolve policies and resolve issues that arise from them.

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“The whole idea is to have a one-stop shop where all stakeholders will gather together, address issues, concerns, evolve policies, build consensus so that the oil industry will grow very fast,” he said.

He identified some of the challenges facing the industry to include the ongoing effort to ramp up crude oil production to 2million barrels per day, ensuring the availability of petroleum products for Nigerians, and policy conflicts among the regulators.

He said the Petroleum Industry Stakeholders’ Forum, with members drawn from the Upstream, Midstream and Downstream petroleum sectors would meet quarterly, like the Bankers Committee to brainstorm on issues and address them.

Asked if the price of the petroleum products will decline further in the near future, he said, the sector has been deregulated and the whole essence of deregulation is for price to find its level.

“Before now, you agree with me that every day you were hearing negative news about fuel subsidy. Today, because it is completely deregulated, and price will find its level. As the oil price goes up, the price may go up. As the oil price comes down, the price may come up. What the government is more interested in is quality control. What the government is more interested in is availability. What the government is particularly interested in is disposition of the right quantity. If I buy 10 liters of fuel, let it be that we are not short changed by the pump price. That is where we have issues.

“Once there’s competition, people have a choice, and that’s why you didn’t see any queues. If I like, I can buy from the one that sells at N1,050, or the one that sells at N999. That is the real essence of deregulation. And so, nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price,” he said.

Also speaking, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Dr. Billy Gills-Harry said, the stakeholders are working as a group to solve problems for Nigerians, from policy making to implementation of policies and availability of all kinds of energies, gas, white products, PMS, to ensure that Nigeria’s energy security is guaranteed.

While congratulating President Bola Tinubu, the Minister and all the government officers for establishing the forum, Dr. Billy recommended that the meeting be held quarterly, and when necessary, emergencies should also be called to ensure that no organization or department of the government rolls out policies that are not discussed in a way that those who would obey those laws get answers quickly.

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