Nigeria’s federal government has opened consultations on proposed rules designed to curb anti-competitive conduct across the midstream and downstream petroleum industries, as fuel prices remain volatile.
Regulator seeks industry feedback
Rabiu Umar, chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), announced the consultation in a notice issued on Thursday.
The authority is inviting the following groups to review and comment on the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations:
- Licensees;
- Permit holders; and
- Other stakeholders in Nigeria’s oil and gas industry.
Consultation period set by petroleum law
NMDPRA said the process fulfils Section 216(1) of the Petroleum Industry Act 2021, which requires regulators to consult affected stakeholders before completing new regulations.
Interested parties have 21 days from the notice’s publication date to submit their views on the draft rules. The authority’s notice said the invitation was issued to meet the law’s consultation requirement and to obtain submissions on the proposed framework for preventing anti-competitive practices and behaviour in the midstream and downstream petroleum market.
Rules come amid fuel-price volatility
The initiative follows six months of continued fluctuations in petrol and diesel prices. About a month before the consultation was announced, NMDPRA had reaffirmed its position that petroleum products should be priced on a cost-reflective basis.
