New regulations have been unveiled by the Federal Government to simplify the process of obtaining petrol import licences and other operational regulations in the industry into a single document.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority stated that the new regulations concern midstream and downstream operations and replace the previous regulations administered by the nullified Department of Petroleum Resources.
Speaking at a stakeholder engagement on the proposed operations regulations on Tuesday in Abuja, the Managing Director of the NMDPRA, Farouk Ahmed, stated that the event aligned with Section 216 of the Petroleum Industry Act, which mandates consultation with stakeholders prior to the finalisation of regulations under the Act.
The NMDPRA director, represented by the Director of Distribution System Storage and Retailing Infrastructure, Mr Ogbugo Ukoha, said, “The consolidation process has enabled us to address inconsistencies in the regulatory space; to foster further compliance with the PIA and the regulations made previously, and it also demonstrates our commitment to promoting ease of doing business in Nigeria.
“Once today’s work is completed, we will sit down with the Federal Ministry of Justice, who will review it, cross the ‘Ts’ and dot the ‘Is’, and then the appropriate government office responsible for gazetting regulations will publish it.”
Following a successful stakeholder consultation and the approval of the Honourable Ministers of State for Petroleum Resources, it is expected that the Midstream and Downstream Petroleum Fees Regulations will soon be published in the Federal Government Gazette.
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