The deregulation of the downstream oil sector got a boost recently when House of Representatives Committee on Downstream Sector threw their weight behind it, describing it as the ultimate solution to the frequent fuel scarcity in the country.
The Chairman of the Committee, Hon. Joseph Akinlaja, who disclosed this during a visit to the Nigerian Independent Petroleum Corporation (NIPCO) in Apapa, Lagos, said deregulation of the downstream sector will not only give equal opportunity to all operators but also allow market forces to guide the sector.
Akinlaja said regulation in a society that is not well disciplined will continue to breed corruption as the common man which the policy seems to protect may be worse off at the end of the day.
He therefore commended NIPCO for its seamless operations in the area of petroleum products storage and distribution across the nooks and crannies of the nation. “What I have seen here today is akin to what operates in developed countries of the world that I have been privileged to visit in my over 35 years’ experience in the oil and gas industry “ Hon Akinlaja declared .
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According to him, the company had not only come to the aid of the nation through its thru –put for the Nigeria National Petroleum Corporation (NNPC) but had also gone ahead to import petroleum products to meet the nations fuel needs.
The Managing Director, NIPCO Plc, Venkataraman Venkatapathy, assured that the company would continue to support government to achieve meaningful growth in the oil industry as the main stay of the nation’s economy. “We remain very resolute about the resilience of the Nigerian economy and the ample opportunities therein which we hope to continuously be part of for a very long time “he said.
According to him, the great upbeat in the nation’s economy explained the increase in the level of investment by the company in the realm of natural gas utilization either as Liquefied Natural Gas or as Compressed Natural Gas for powering of vehicles and machines.