Speaking during a meeting with the Chamber of Bulk Oil Distributors, the minister noted that the committee will address critical concerns within the industry, ensuring that all stakeholders are considered in policy decisions.

John Jinapor indicated that a key issue on the agenda amongst others is the impact of foreign exchange (forex) on the operations of industry players which has been a source of concern.

“The key issue is to ensure that we have enhanced product security, and quality, safely, in a sustainable manner…we want to review the entire downstream petroleum sector and bring it to scratch so that it can be in conformity to modern trends. We will undertake a major review.

John Jinapor also disclosed that his ministry, in collaboration with the Ministry of Finance, is currently reviewing the Gold for Oil policy.

“We are also reviewing the Gold for oil program as was promised in our manifesto and already the Minister of Finance is working on the gold aspect. He intends to set up what he describes as a Gold board. On our side too, we are reviewing it. If you see some work, it’s just an interim arrangement. You can’t truncate the process until you have a workable solution.

“The President himself is setting up another committee to help the whole sector so that we can have enhanced transparency and work. So the issue of forex will be dealt with. The issue of the Gold for oil will be worked and all the other agencies, we intend to take a holistic view of all the agencies,” he added.

The stakeholder meetings on February 4, 2025 provided an opportunity for the Energy and Green Transitions Minister John Jinapor to engage with key industry players, including the Chamber of Bulk Oil Distributors, the Chamber of Oil Marketing Companies, Tanker Owners Union amongst others.