MY REMARKS AT THE STAKEHOLDERS’ CONSULTATION FORUM ON THE MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTI-COMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS

MY REMARKS AT THE STAKEHOLDERS’ CONSULTATION FORUM ON THE MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTI-COMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS

I warmly welcome you to this important consultation on the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, pursuant to Section 216 of the Petroleum Industry Act, 2021.

The proposed Regulations are intended to strengthen the midstream and downstream petroleum sector by preventing anti-competitive practices, addressing abuse of dominance, promoting fair and non-discriminatory access to essential infrastructure, and enhancing transparency and market efficiency.

In furtherance to this, the
@NMDPRA_Official
has received several submissions from its Stakeholders regarding the proposed Regulations which will be reviewed today.

Today’s consultation is an opportunity for the
@NMDPRA_Official
to engage with industry stakeholders and benefit from your practical experience. We particularly welcome your views on the clarity, practicality and likely impact of the proposed Regulations.

We encourage participants to identify specific provisions that may require clarification or refinement and, where appropriate, suggest practical alternatives that can achieve the intended regulatory objectives.

The
@NMDPRA_Official
recognises that effective regulation must provide regulatory certainty, support investment and innovation, promote efficient markets, and protect the integrity of the petroleum sector.

This is therefore a consultation in the true sense of the word. We are here to listen, learn and improve the draft where necessary.

I thank you for your participation and look forward to a productive, constructive and meaningful engagement.