NMDPRA to curb price-fixing, petrol hoarding with new anti-competition framework

In a major bid to dismantle dominant monopolies and curb market manipulation, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has proposed comprehensive anti-competition regulations across the country’s oil and gas value chain.

The proposed framework seeks to ensure a level playing ground for all market participants and prevent practices that may prevent, restrict, or distort competition.

The regulation published on the NMDPRA website also seeks to protect consumer interests by preventing collusive price-fixing, market allocation, or other manipulative practices that lead to higher prices or reduced supply.

The regulation, according to the NMDPRA, will ensure fair competition among participants and prevent any individual or group from abusing a dominant position or creating an unhealthy monopoly in the supply chain.

“The objectives of these Regulations are to: implement a comprehensive competition framework for the midstream and downstream petroleum sectors in Nigeria, ensuring a level playing field for all market participants and preventing practices that may prevent, restrict, or distort competition.

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“Ensure open and non-discriminatory access to essential midstream infrastructure (pipelines, depots, storage, terminals) for all qualified operators, thereby fostering efficient use of assets and entry of new participants,” part of the proposed regulation read.

The Authority also stated that the regulation…