Nigeria: NIPCO Positions Workforce for New Petroleum Downstream Regime

10 January 2022

With the downstream sector of the Nigerian oil and gas industry set for total deregulation in the coming months, in accordance with the provisions of the Petroleum Industry Act (PIA), NIPCO Plc has positioned its workforce for improved service delivery in 2022.

Managing Director and Chief Executive Officer of NIPCO, Mr. Suresh Kumar, in his New Year message, appreciated the company's employees' resilience over the years, noting that the new year offers a lot of opportunities which must be optimised by the fuel marketing company.

The federal government is targeting to completely deregulate the petroleum downstream sector from the second half of this year.

Deregulation seeks to remove unnecessary government meddlesomeness in the pricing of petroleum products and usher in a market regime where prices will be determined by market forces, with resultant improved competition and increased investments.

The NIPCO CEO said the company would continue to take its pride of place within the context of the emerging downstream sector under the PIA.

He however urged the employees to brace up for the challenges ahead, affirming that their dedication and commitment had contributed immensely to the company's resilience over the years.

Kumar said : "The entire workforce of the company needs to develop more synergy towards sustaining the company's milestones and moving it to a higher level of efficiency for her to continue to occupy its pride of place within the context of the emerging downstream sector under the PIA.

"Our collective contributions in the outgoing year towards achieving milestones set by the promoters are commendable, nevertheless this is not to suggest that there is no room for improvement. I want you to note that with the enactment of the PIA, we all should be on our toes in order to improve our bottom line."

He assured of his continued commitment to put in the right welfare for the workforce to enable them put in their best without sacrificing merit in the scheme of things.

"I am honoured to lead a highly resourceful and competent crop of workers of your calibre, even as I urge that we continue to work hard as we usher in a new year.

"My charge to you all is that you should be ready for more challenges and responsibilities in the year 2022 as such is the sure pathway to our success in the New Year and even beyond," Kumar stated.

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