The Major Energies Marketers Association of Nigeria (MEMAN) has reaffirmed that the implementation of the Petroleum Industry Act (PIA) remains on course despite ongoing debates and challenges.
  
The association, during its Q1 2025 press engagement on the Theme, ‘Refinery Basics, Gasoline Pricing & Trade Flows in Nigeria,’ emphasised that the transition from a state-controlled system to a competitive and deregulated market is crucial for efficiency, transparency, and long-term economic growth.
  
According to MEMAN, while resistance to price deregulation is expected, industry collaboration, regulatory oversight, and public transparency will be key in ensuring a smooth transition. The association noted that a well-regulated competitive market would attract investment, enhance operational efficiency, and ultimately benefit both businesses and consumers.
   
“As the market stabilises, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation industry collaboration and public transparency, Nigeria can fully realise the benefits of this transformation,” MEMAN stated.

The association also underscored the role of key regulatory bodies, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC), in maintaining market stability and safeguarding consumer interests.

MEMAN’s Chief Executive Officer (CEO), Clement Isong, reiterated the association’s commitment to supporting policies that foster a competitive and transparent energy market, urging stakeholders to engage constructively in discussions about the sector’s future.
  
Isong mentioned that the transition requires patience, adaptation, and trust, noting that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.
  
A Petroleum Refining Expert, Mark Williams, while giving the fundamentals of refining crude oil, the types of refineries, and the key processes involved, said petroleum products specifications have evolved to improve the environmental performance of fuels.
  
Similarly, the Vice President of Crude Oil at Argus Media, James Gooder, led a session on gasoline pricing and the benefits of adopting trade and product flows, highlighting how global pricing mechanisms influence Nigeria’s downstream market.