The Nigerian government has launched a consultation phase regarding new rules intended to stop anti-competitive conduct within the midstream and downstream oil sectors. Rabiu Umar, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), announced the development in a recent statement.
The agency is urging permit holders and industry participants to provide feedback on the draft document titled the Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations. This initiative follows the requirements outlined in Section 216(1) of the Petroleum Industry Act 2021, which necessitates public input before regulatory standards are finalized.
Interested parties have been granted a 21-day window starting from the date of the notice to send in their contributions. This regulatory action arrives at a time when the nation is experiencing ongoing instability in the costs of diesel and petrol. Previously, the NMDPRA emphasized the necessity of implementing cost-reflective pricing for these fuel products.
