• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

MOMAN Welcomes Deregulation Of Oil Sector, Unification Of Forex Rates

...confirms ability of members to import petrol 

Vital News by Vital News
July 12, 2023
in Oil & Gas
0
MOMAN Welcomes Deregulation Of Oil Sector, Unification Of Forex Rates
Share on FacebookShare on Twitter

 

Lagos – The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr Olumide Adeosun, has welcomed the deregulation of the petroleum downstream sector and the unification of foreign exchange rates.

Adeosun, the Chief Executive Officer of Ardova Energy, said the issues of foreign exchange and fuel subsidy had been successfully addressed.

He, however, stressed that other challenges in the oil sector still needed attention.

Adeosun spoke during an interactive session with  journalists in Lagos on the development in the downstream operations, emphasized the need for a sustainable welfare package for citizens.

RelatedStories

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs

NNPCL Announces Shut Down Of Port Harcourt Refinery For Maintenance, Assessment

President Tinubu Inaugurates New Board Of NNPCL

Dangote Refinery Reduces Petrol Price Again By N15, Now N875/litre

He highlighted the importance of productivity in the country’s development and called on the government to address issues such as insecurity, increase productivity in the oil and gas sector, and curb the rising cost of food and transportation.

Adeosun also applauded the inauguration of a committee on fiscal policy and tax reforms and appealed to the government to reconsider the 7.5% VAT on diesel, to ease burden on Nigerians.

He suggested the suspension of the 7.5 per cent VAT on diesel until the negative impact of the petrol subsidy removal
is dealt with.

Adeosun further urged the government to consider subsidy for transportation and tackle challenges such as insecurity, crude oil theft, as well as fuel and power subsidies.

He gave assurances that members of MOMAN members have the capacity to import petrol into the country.

He added that the challenge to importation will be the balanced wind-down of NNPCL imports as the private sector takes the burden while waiting for the onboarding of local refineries.

“The reality is that many of us have importation licenses that have never lapsed.

“We renew them on a quarterly basis via the NMDPRA portal. Some of us are also importing diesel, so we need these licenses.

“The licenses cover multiple products such as ATK, PMS, and AGO. The regulator will tell you that we need them even when we are receiving products from the Nigerian National Petroleum Company Limited (NNPCL), particularly on the high sea,” he said.

Adeosun also emphasized the need for efficiency in the importation and delivery operations process to offset the shortcomings in forex rates.

“That has often been the case when aligning with the NNPCL operating regime. Efficiency has always been at the forefront, and subsidies will absorb all of that.

“As for us, we own the vessel, depot, trucks, and retail outlets, so we can afford to optimize efficiency,” clarified Adeosun.

He called on the government to implement favorable regulatory frameworks, provide incentives for renewable energy projects, and encourage research and development in clean technologies.

“This newfound commitment to alternative fuels is not only driven by environmental concerns but also by the economic and social benefits associated with a transition to a sustainable energy future.

“By embracing alternative fuels and renewables, governments are not only leading the way towards a greener and more resilient future but also fostering innovation, job creation, and energy security for our country,” he said.
(vitalnewsngr.com)

Tags: deregulationImportlisensesOil
Previous Post

NSF 2024 : Ogun Inaugurates 16-Memeber LOC, Appoints Bukola Olapade As Chairman, Adebayo Co-Chairman

Next Post

NDLEA Goes Tough On Sale, Use Of Nitrous Oxide, Orders Clampdown

Vital News

Vital News

RelatedStories

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs
Oil & Gas

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs

May 25, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

NNPCL Announces Shut Down Of Port Harcourt Refinery For Maintenance, Assessment

May 24, 2025
President Tinubu Inaugurates New Board Of NNPCL
Oil & Gas

President Tinubu Inaugurates New Board Of NNPCL

May 22, 2025
Again, Dangote Industries Limited, Emerges Most Valuable Brand in Nigeria
Oil & Gas

Dangote Refinery Reduces Petrol Price Again By N15, Now N875/litre

May 22, 2025
We Have Not Fixed Petrol Price — Dangote
Business

Dangote Refinery, Vinmar In Partnership For Global Distribution Of Polypropylene

May 21, 2025
Next Post
NDLEA Goes Tough On Sale, Use Of Nitrous Oxide, Orders Clampdown

NDLEA Goes Tough On Sale, Use Of Nitrous Oxide, Orders Clampdown

CHRCR Engages Political Parties in Kogi, Asks Opposition Parties To Be Active

Man Beats 22-Year-Old Girlfriend To Death In Bayelsa

Police Donate N32.7mln To Families Of 44 Late Officers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Oro Worshippers Attack On Muslims In Ile-Ife, An Affront On Human Rights – MUSWEN

Oro Worshippers Attack On Muslims In Ile-Ife, An Affront On Human Rights – MUSWEN

2 years ago
World Bank Raises Concern Over Economic Effects Of Naira Redesign On Poor, Vulnerable Households

World Bank Raises Concern Over Economic Effects Of Naira Redesign On Poor, Vulnerable Households

2 years ago
Bello Promises Prompt Completion Of Koto Karfe Electrification Project

Bello Promises Prompt Completion Of Koto Karfe Electrification Project

2 years ago
Former Accountant – General Of The Federation, Jonah Otunla Dies At 69

Former Accountant – General Of The Federation, Jonah Otunla Dies At 69

12 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

21 Die, 10 Missing In Niger Flood Disaster

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Trending

Death Toll From Niger Flood Disaster Rises To 115,  Many Still Missing – NSEMA
Environment

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

by Vital News
May 30, 2025
0

The Niger State Emergency Management Agency (NSEMA) says death toll from the flood disaster that recently ravaged...

INEC Fixes July 20 And  August 8, 2026 For Ekiti, Osun Governorship Elections

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

May 30, 2025
Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

May 30, 2025
NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

May 30, 2025
21 Die, 10 Missing In Niger Flood Disaster

21 Die, 10 Missing In Niger Flood Disaster

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA May 30, 2025
  • INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections May 30, 2025
  • Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance May 30, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In