The Independent Petroleum Marketers Association of Nigeria (IPMAN), said the Petroleum Industry Act (PIA) will engender a conducive environment for a more efficient downstream sector.
IPMAN’s National President, Alhaji Sanusi Fari, made this known in a statement in Awka on Friday.
Fari lauded President Muhammadu Buhari for the political will in signing the Petroleum Industry Bill (PIB) into law, after many years of botched proposals.
He described the President’s assent to the PIB, as an important milestone in the life of this present administration and a major breakthrough in the downstream business of petroleum products sales and marketing.
He also lauded the National Assembly, for the courage to ensure that the bill sailed through, in spite of the obvious challenges.
The IPMAN president said though the PIA was not without imperfections, it would bring transparency and accountability, which would result in better profitability for the greater number of Nigerian people.
According to him, the PI Act, 2021 is long overdue, in spite of some disagreements on some issues, it will usher in a new era of transparency and accountability in the administration of petroleum resources in the country.