Benefits of Downstream Oil Sector Deregulation Highlighted by Lokpobiri

Senator Heineken Lokpobiri stated that the full deregulation of the downstream oil sector by President Bola Tinubu has started benefiting Nigerians, emphasizing the importance of petrol retailers. He reassured that the naira-for-crude swap initiative is not being canceled and highlighted the independence of the NNPC. PETROAN’s president praised Lokpobiri’s leadership and advancements in the sector, advocating for local refining and a competitive market environment.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, articulated that the decision made by President Bola Tinubu’s administration to fully deregulate the downstream oil sector is already yielding benefits for Nigerians. During a meeting with the leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), he acknowledged the challenges of this decision but affirmed its positive outcomes after implementation.

The discussions between Senator Lokpobiri and PETROAN reflect an ongoing commitment to improving Nigeria’s oil sector through deregulation, investment opportunities, and refining initiatives. The minister’s reassurance regarding the naira-for-crude scheme and the independence of the Nigerian National Petroleum Company signifies a forward-looking approach aimed at maximizing the sector’s potential. Overall, the focus lies on collaboration, competitiveness, and ensuring that Nigerian citizens reap the most from the nation’s oil resources.

Original Source: www.arise.tv