NNPC Retail pledges support for deregulated downstream sector

NNPC Retail Limited, a subsidiary of NNPC Limited, has reiterated its commitment to a deregu­lated downstream sector and urged players in the sector to ensure customer service optimisation.

This statement was made by Huub Stokman, the company’s managing director at the recently concluded 17th edition of the Oil Trading and Logistics, OTL Africa Downstream Week

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The four-day event, which spanned 23rd to 26th October 2023, provided industry players and stakeholders the opportunity to develop critical insights for policy execution and business solutions in the Continent’s downstream sector.

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 panellists addressed the top­ical issue of deregulation and its attendant impacts on Marketers, their roles in a competitive market and its effects on consumers.

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The panellists 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, which was held on the 24th, Huub Stokman spoke expan­sively 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.

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He stated that 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.