The Petroleum Industry Governance Bill (PIGB) currently awaiting President Muhammadu Buhari’s assent may suffer further setback as fuel marketers and members of the Organised Private Sector (OPS) have faulted parts of the bill, saying they fall short of stakeholders’ expectations, The Sun reports.

Addressing a joint media briefing in Lagos yesterday, Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore, his counterpart from the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Mr. Olufemi Adewole, and the Chairman, Economic Policy of Manufacturers Association of Nigeria (MAN), Mr. Reginald Odiah, representing the OPS, said the PIGB, if passed in its current form, would spell doom for the petroleum sector.

Olawore said the activities of the upstream and downstream sectors were entirely different and as such, should have two different industry regulators. He explained that part of the problems confronting the downstream sector remained that of a single regulator overseeing the activities of the upstream and downstream sectors, warning that the inefficiency and lapses currently experienced in a single regulator regime should not be allowed to continue, hence the call by the stakeholders for separate regulators for the two sectors.

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