Reps Push PIA Changes to Protect Local Refining Industry
By Oluwakemi Kindness The House of Representatives Committee on Petroleum Resources (Downstream) is pushing amendments to the Petroleum Industry Act (PIA) to strengthen crude oil supply to domestic refineries, protect local refining investments and tighten regulations governing petroleum product imports. The committee’s chairman, Ikenga Imo Ugochinyere, disclosed this on Monday at the closing technical briefing […]
Oil Stakeholders Oppose Proposed 3% South-South Levy
By Oluwakemi Kindness Oil industry regulators and operators have opposed a proposal requiring oil and gas producing companies in the South-South to contribute three per cent of their total annual budgets to the South-South Development Commission (SSDC). Thet warn that the levy could increase production costs, discourage investment and duplicate existing statutory obligations. The stakeholders […]
IPMAN Warns Against Petrol Price Controls, Threatens Shutdown
By Chinedu Echianu Fuel marketers under the umbrella of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have threatened to shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol in the deregulated downstream sector. The warning comes amid renewed concerns by the Federal Government and consumer protection authorities […]