Efficient Regulation Key To Resolving Domestic Refining, Fuel Supply Challenges, Say Experts
By Abimbola Abdullah
The Current brouhaha in the domestic refining sub-sector, as well as the challenges of shortage in fuel supply can be best resolved by efficient regulation by the appropriate authorities, industry experts have said.
The experts, who spoke during a media engagement organized by the Institute of Energy Economics Energy in Lagos, believed that if Nigeria and Nigerians follow the appropriate rules of law, the industry would be better positioned and energy security would be guaranteed for the populace to enjoy.
Senior Research Fellow at the Institute of Energy Economics Energy Analyst, Taiwo Ogunleye, said petroleum plays an essential role in shaping our lives from fuelling vehicles and generating electricity to producing a wide range of everyday products, hence the need for adequate regulations.
He said for any nation to enjoy energy security, there was need to ensure that energy supplies are available in sufficient amounts, at sufficiently-low prices, with robust supply for the end user and avoid negative impacts of energy.
He said all sectors of the economy could benefit from an efficiently managed downstream oil sector that delivers petroleum products in the quantity and at the quality required at the least cost.
Highlighting the functions of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as to regulate midstream and downstream petroleum operations, including technical, operational, and commercial activities and ensure efficient, safe, effective and sustainable infrastructural development of midstream and downstream petroleum operations, Ogunleye said the Authority has not gone beyond what the law said as they have been working to uphold the standards of product specification and encourage competition in the market.
He however urged the regulators to ensure incentives for investment, promoting fair competition, facilitating innovation, pursuing social fairness and universal services, and protecting public health and safety and avoiding harm to the environment, and ensure that even where the private sector takes the lead, services are minimally reliable and networks interoperable.
Also speaking at the event, an Energy Consultant and Chief Executive Officer of AHA Consultancies, Henry Adigun, said by trying to guide against monopoly, the regulator wants to ensure that the prices are low and affordable to Nigerians.
He emphasized that the regulators should uphold the law, while Nigerians should also obey the law to ensure a free environment for all to operate.
“People in business are in most cases trying to boycott the law, but we really need to follow the law in order to create a good country.
“What Nigerians want is to be able to buy quality products at the filling stations and but at a cheap price,” he said.
