By Adewale Sanyaolu
As the Petroleum Industry Act (PIA) gains traction, the Major Energies Marketers Association of Nigeria (MEMAN) has said resistance from those accustomed to price control is inevitable.
Executive Secretary of MEMAN, Mr. Clement Isong, stated this in a communiqué released at the end of the Q1 2025 Press Training and Engagement organised by the association for energy correspondents. The event, themed “Refinery Basics, Gasoline Pricing, and Trade Flows in Nigeria,” was held in Lagos yesterday.
Isong affirmed that the implementation of the PIA remains firmly on track.
He argued that while ongoing debates and discussions are expected, they should be encouraged as part of the natural evolution of a market-driven energy sector.
According to him, the transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth.
However, he said, this transition requires patience, adaptation, and trust.
“As the market stabilizes, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realize the benefits of this transformation,” he said.
He maintained that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.
Isong added that as key industry stakeholders, MEMAN strongly supports the role of regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair, competitive, and well-regulated marketplace.
However, he pointed out that it is imperative that their efforts remain focused on market stability, consumer protection, and building public confidence in the reform process.
The MEMAN training brought together industry experts to provide critical insights into the evolving energy sector. The session featured two distinguished speakers: Mr. Mark Williams, a petroleum refining expert, who delivered an in-depth presentation on the fundamentals of refining crude oil, the types of refineries, and the key processes involved.
James Gooder, VP, Crude Oil, Argus Media, who led a session on gasoline pricing and the benefits of adopting trade and product flows, highlighting how global pricing mechanisms influence Nigeria’s downstream market.
“Engagements like this, which foster industry dialogue and thought leadership, are precisely what MEMAN expects, encourages, and believes are essential for market growth and development,” Isong stated.
He reiterated that the transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth.
However, he emphasized that this transition requires patience, adaptation, and trust.
He added that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.