The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has attributed the recent reduction in petroleum product prices to the Nigerian Midstream and Downstream Petroleum Regulatory Authority's (NMDPRA) commitment to fostering market competitiveness.
In a statement released on Sunday, DAPPMAN's Executive Secretary, Olufemi Adewole, commended the Farouk Ahmed-led NMDPRA for implementing reforms that have positively impacted Nigeria's downstream petroleum sector.
"The commitment of the NMDPRA to fostering a competitive market, enhancing energy security, and encouraging innovation as the sector responds to unfolding global oil and gas market challenges and opportunities," Adewole stated.
Additional Benefits Beyond Price Reduction
According to DAPPMAN, the regulatory framework established by NMDPRA has yielded additional benefits for the petroleum sector. The association highlighted that the Nigerian government has successfully reduced illegal refining activities and improved the quality of petroleum products nationwide.
"We have witnessed an unprecedented reduction in illegal refining and improved product quality through the Authority's enforcement of standards," Adewole added.
This endorsement comes amid growing calls for Ahmed's removal as NMDPRA Chief Executive. Just last week, civil society groups and lawyers demonstrated at the Presidential Villa, National Assembly, and other locations in Abuja, demanding his probe and dismissal.
However, some groups have characterized these protests as politically motivated and sponsored by interested parties, creating a divided response to Ahmed's leadership at the regulatory authority.
The fuel price reduction comes as various stakeholders in the petroleum sector adjust their pricing strategies. Recently, MRS filling stations reduced their fuel prices to compete with NNPCL, while Dangote Refinery also announced a price reduction, contributing to the overall downward trend in the market.
Meanwhile, the Senate has indicated its intention to investigate allegations against the NMDPRA boss as protests continue to gather momentum.
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