Stakeholders in the oil sector has urged the government to encourage the private sector in its involvement in the downstream sector. This was said at the recent annual Oil Trading and Logistics Expo Africa Downstream event tagged “Renewed Opportunities”
The forum which recognized the efforts of downstream petroleum value chain was organised in collaboration with key partners in government to deliberate on the way forward for petroleum pricing and inculcation of private investors in the sector.
Speaking at the event, Reginald Stanley, CEO Petrowest energy said the right platforms must consistently be engaged to get pricing right.
Mr Goke Aluko, G.M. Operations, Total plc ,emphasized the need for sensitization, making stakeholders understand and appreciate better, the essence of fuel deregulating and how the forex market works.
Anchor of the event, Wofai Samuel stated that although petroleum pricing is central to economic development and market sustainability, the government must create an enabling environment for it to thrive.
“Government has no business in doing business but must ensure that the enabling environment for businesses in the downstream sector to thrive be created. There should be no interference between the government and private sector executives,” She said.
Delegates from over 20 countries, including the US, UK, France, Angola, Brazil, China, India, UAE, Angola, South Africa participated in the three day forum.