REPS MOVE TO END DOLLAR-CHARGES ON LOCALLY REFINED PETROL, TO PROBE IMPORT LICENSES

The House of Representatives has begun moves to address concerns in Nigeria’s downstream petroleum sector, opposing the continued imposition of United States dollar-denominated charges on locally refined petroleum products.

The House also announced plans to investigate alleged irregularities in the allocation of fuel import licenses as part of efforts to strengthen the sector.

The House Committee on Petroleum Resources (Downstream) disclosed this during an interactive session with key industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria, IPMAN, the Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, and the Major Energies Marketers Association of Nigeria, MEMAN.

The engagement forms part of the committee’s ongoing consultations on proposed amendments to the Petroleum Industry Act, PIA, and wider reforms aimed at strengthening domestic refining, enhancing national energy security and promoting a competitive downstream petroleum market.

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