Home Breaking News!!! Deregulation: Oil marketers shift focus to N250bn NGEP facility

Deregulation: Oil marketers shift focus to N250bn NGEP facility

…Seek alternatives to petrol, tax waivers

As deregulation of the downstream petroleum sector gathers momentum, oil marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN), have started eyeing the N250 billion National Gas Expansion Programme(NGEP) of the Federal Government.

This is coming on the heels of the Central Bank of Nigeria (CBN) and the Ministry of Petroleum Resources, recently set up N250 billion intervention facility to help stimulate investment in the gas value chain.

Speaking at the Nigerian Compressed Natural Gas Webinar, organised by MOMAN in collaboration with Oil Trading and Logistics (OTL) Africa Downstream and ARS Conference Services with key stakeholders in the oil and gas sector in attendance, MOMAN Chairman, Mr. Tunji Oyebanji, in his presentation, entitled Deepening the Use of LPG, said there should be cheaper and cleaner alternatives to petrol and diesel for  Nigerians in the wake of the deregulation policy.

He hinted that the Association was also supporting the gas initiatives of the Federal Government and the auto gas space to give Nigerians cleaner and greener alternative to power their automobiles, homes and other equipment.

“The idea of deepening the use of gas comes at a very auspicious time as we grapple with increasing petrol prices due to the deregulation of the downstream sector.’’

According to him, NGEP has further engaged stakeholders across the energy value chain to push government’s gas agenda following its recent stakeholders consultative webinar meeting with MOMAN and Depot and Petroleum Products Marketers’ Association of Nigeria (DAPPMAN).

“In essence, NGEP is bringing together all relevant government agencies to ensure that the gas space is business friendly and conducive enough to encourage new investors into the sector.

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