Oil marketers and the Organised Private Sector on Sunday advocated for two regulatory bodies to regulate the oil industry under the Petroleum Industry Governance Bill before the National Assembly.
The oil marketers disclosed this at a media briefing with the Organised Private Sector in Lagos.
The Secretary Major Oil Marketers association of nigeria, Obafemi Olawore recommends separate regulatory bodies for upstream and downstream adding that a single regulator will create complexities and challenges for operators in the petroleum value chain.
Olawore further explained that the structure, operation and nature of the downstream are different from that of the upstream sector and need separate regulators
The Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, cautioned the National Assembly against passing such bill that will give rise to a single regulator for the whole petroleum sector.
Adewole noted that such development will create challenges that will negate the ease of doing business.