Mohammed Shosanya
NNPC Retail Limited, a subsidiary of NNPC Limited,has reiterated its commitment to a deregulated downstream sector and implored players in the sector to ensure customer service optimization. This statement was made by
The company’s Managing Director Mr. Huub Stokman,disclosed this at the recent 17th edition of the Oil Trading and Logistics, OTL Africa Downstream Week
Themed Energy, Synergy, and New Beginnings, this year’s OTL Africa, presented participants with insightful panel sessions and dynamic speakers who have contributed to shaping the industry.
The panelists addressed the topical issue of deregulation and its attendant impacts on marketers, their roles in a competitive market and its effects on consumers.
They also explored the diverse options available to marketers and consumers in optimizing operational values against the backdrop of the current realities of pricing and the country’s economic situation.
At the session,Huub Stokman spoke about the company’s vision of a deregulated market:
“We wanted deregulation to happen, and we understand that it is not an easy feat. Looking at the deregulation across other countries, the transition process has always been a challenge, especially if it was a regulated market for many decades. Stakeholders within the value chain, including us in the retail business, must understand and get used to the process and what this means for the sector.” Huub said.
According to him,the industry needs to innovate to maintain business operations while understanding the new realities of the industry.
“The future of retail in Nigeria started with deregulation, and we need to explore different measures to ensure smooth business operations at our facilities, while providing the best services to our consumers. In addition, the business environment is competitive, which means our customers can go anywhere. Our goal is to ensure we adopt a progressive approach in bringing other benefits, that will remain valuable for the consumers.” he added.
The panelists, contributors, players and stakeholders at the OTL Africa 2023 collectively urged the federal government to modify and implement policies that would encourage regulators and stakeholders to work in unity to ensure the growth of the industry.