Kayode Shopekan
OIL marketers in the Nigeria under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), have promised to render their support to the Federal Government to ensure timely and effective implementation of the Petroleum Industry Act (PIA).
MOMAN made this disclosure after President Buhari gave approval for the setting up of a committee for the immediate implementation of the recently signed PIA in Lagos.
Join our WhatsApp ChannelMinister of State for Petroleum Resources, Chief Timipre Sylva, noted that MOMAN, would be providing support to the government to ensure a robust participation of market players in the implementation.
He pointed out that the PIA marks the beginning of a new era for the downstream sector, adding that MOMAN must be at the forefront of unraveling the opportunities that come with operating in the free-market structures that have been created by the law.
He assured the association that the government will continue to create engagement and initiatives that will make the implementation of this law a shared success for all concerned parties.
Chairman of the association, Olumide Adeosun, reiterated the full support of MOMAN, and appealed to the government to reconsider the imposition of Value Added Tax on imported liquefied petroleum gas, due to the rising cost of cooking gas across the country.
President Muhammadu Buhari just signed the PIA about 20 years after it was first introduced, representing a significant milestone for Nigeria’s oil and gas sector.
