The Major Oil Marketers Association of Nigeria (MOMAN) on Tuesday said it was optimistic that the passage of the Petroleum Industry Bill (PIB) would lead to free market for players in the industry.
Mr Tunji Oyebanji, Chairman, MOMAN said the bill currently before the National Assembly was needed to reposition the industry due to the impact of the COVID-19 pandemic.
Oyebanji spoke at the ongoing 2021 Nigeria International Petroleum Summit (NIPS) on Tuesday in Abuja.
The summit has at its theme: “From Crisis to Opportunities: New Approach to the Future of Hydrocarbons”.
He said the oil and gas industry in Nigeria was fraught with price regulations which made it unattractive for much needed investments.
Oyebanji said MOMAN was in support of the full deregulation of the industry and was optimistic that it would be heralded by the passage of the PIB.
“There are a lot of opportunities that a truly open and free PIB will present if that is what will be made available to us at the end of the day,”he said.
Oyebanji also reiterated that MOMAN was ready to support the Federal Government’s autogas scheme aimed at deepening gas utilisation in Nigeria.
He, however, noted that there have been little investment in that area, hence, the need for collaboration between its members, government, Central Bank of Nigeria and other commercial banks.