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Oil marketers boost product storage assets

Deregulation will open up the market, the marketers say

The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), said it has boosted storage, distribution and supply infrastructure of petroleum products.

The Chairman of the association, Winifred Akpani, in a statement, said the deregulation will open up the market, assuring that DAPPMAN’s role in promoting global standards would give the buying public value for money.

“DAPPMAN sees a future of opportunities for all stakeholders through full deregulation of the downstream sector of the industry and believes that Nigeria is moving in the right direction towards becoming a major hub for warehousing and logistics management across the continent that would compete with major terminals across Europe, America, Asia and the Middle East.”

Akpani said the entry of private warehousing and logistics operators under the aegis of DAPPMAN has over the past two decades made the downstream sector more robust, competitive and efficient.

Akpani said deregulation will also open up opportunities for other ancillary industries, while deepening economic activities and driving stable demand and supply mechanisms such as product blending facilities, necessary for the continued growth of the industry.