Financial Energy Review
NNPC Retail Limited, a subsidiary of NNPC Limited, has reiterated its commitment to a deregulated downstream sector and urged players in the sector to ensure customer service optimization. This statement was made by the Company’s Managing Director Mr. Huub Stokman at the recently concluded 17th edition of the Oil Trading and Logistics, OTL Africa Downstream Week
The four-day event, which spanned 23rd to 26th October 2023, provided industry players and stakeholders the opportunity to develop critical insights for policy execution and business solutions in the Continent’s downstream sector.
Themed Energy, Synergy, and New Beginnings, this year’s OTL Africa, presented participants with insightful panel sessions and dynamic speakers who have contributed to shaping the industry.
The panelists addressed the topical issue of deregulation and its attendant impacts on Marketers, their roles in a competitive market and its effects on consumers.
The panelists also explored the diverse options available to marketers and consumers in optimizing operational values against the backdrop of the current realities of pricing and the country’s economic situation.
At the session, which held on the 24th, Huub Stokman spoke expansively about the company’s vision of a deregulated market:
“We wanted deregulation to happen, and we understand that it is not an easy feat. Looking at the deregulation across other countries, the transition process has always been a challenge, especially if it was a regulated market for many decades. Stakeholders within the value chain, including us in the retail business, must understand and get used to the process and what this means for the sector.” Huub said.
He stated that the industry needs to innovate to maintain business operations while understanding the new realities of the industry.
“The future of retail in Nigeria started with deregulation, and we need to explore different measures to ensure smooth business operations at our facilities, while providing the best services to our consumers. In addition, the business environment is competitive, which means our customers can go anywhere. Our goal is to ensure we adopt a progressive approach in bringing other benefits, that will remain valuable for the consumers.” he added.
Moderated by the Executive Secretary / CEO, Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, other panelists at the session included; Managing Director, Pinnacle Oil and Gas, Bob Dickerman; Managing Director, WAV Inspect Limited, Ian Brown; National President, Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Dr. Billy Gillis-Harry; National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, represented by Zonal Chairman, IPMAN Southwest, Dele Tajudeen and Managing Director, Fuelmetrics, Ayodeji Ogundiran, who spoke on Optimising Consumer and Operational Value Amid Deregulated Pricing Realities.
The panelists, contributors, players and stakeholders at the OTL Africa 2023 collectively urged the federal government to modify and implement policies that would encourage regulators and stakeholders to work in unity to ensure the growth of the industry.
