The Major Energy Marketers Association of Nigeria (MEMAN) says the implementation of the Petroleum Industry Act (PIA) remains firmly on track.
Executive Secretary of MEMAN, Clement Isong, made the assertion at the 2025 first quarter media training and engagement by the association on Thursday in Lagos.
The energy marketers said in spite of the ongoing discussions about its impact on the industry, the implementation of the PIA was going well so far.
Isong, while speaking on the theme: “Refinery Basics, Gasoline Pricing, and Trade Flows in Nigeria”, pointed out that while debates surrounding the PIA were natural in any significant industry transformation, they should be encouraged as part of the natural evolution towards a market-driven energy sector.
According to him, transitioning from a state-controlled system to a competitive, deregulated market was crucial for driving efficiency, transparency and long-term economic growth, adding that such a transition requires patience, adaptation and trust.
He pointed out that as the market stabilises, challenges will inevitably arise, and resistance from those accustomed to price controls is to be expected.
“However, with strong regulation, industry collaboration, and public transparency, Nigeria can fully realise the benefits of this transformation,” Isong added.
The Executive Secretary further explained that a well-functioning, deregulated market would attract more investment, enhance efficiency and create a more competitive landscape that benefits both businesses and consumers.
He also emphasised the essential role of regulatory bodies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair and transparent marketplace.
He, therefore, urged the agencies to focus on market stability, consumer protection and building public confidence in the reform process.
Vice President of Crude Oil at Argus Media, James Gooder, discussed the impact of local refining on Nigeria’s fuel market, noting that while the Dangote Refinery is a significant game-changer, it does not dominate the West African market, as other import options remain competitive.
He noted that it would not be beneficial for Nigeria to shift from an NNPC monopoly to a Dangote monopoly under a fully deregulated market framework.
Gooder acknowledged the impact of Dangote Refinery in the market but pointed out that its production was not yet at full capacity, adding that spite of the local refining volumes, the importation of petroleum products into Nigeria continued.
He said that imported fuel would continue to play a vital role in meeting Nigeria’s demand.
