NO PLANS FOR FUEL HIKE YET ‐ PPPRA
2 min read
by Our Correspondent
The Petroleum Products Pricing Regulatory Agency (PPPRA) on Sunday, August 22nd, said the Petroleum Industry Act had signaled the full deregulation of the downstream oil sector.
The Executive Secretary of the Agency, Abdulkadir Saidu, assured that petrol price would be adjusted in a way that it would not cause hardship on consumers.
According to him: “There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector. However, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS.
“The current price will remain until negotiations with organised labour, which will develop a feasible framework that minimises the impact of a market-based pricing policy on the masses, is concluded.”
Saidu emphasized that the PIA had provided legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters.
He said the Act signalled the beginning of a new era in the growth and development of the entire oil and gas industry.
In his words: “Delivering on the promise to create an environment with a transparent, clear and robust legal and regulatory regime is sure to open up new vistas in the oil and gas industry, and the Nigerian economy.
“The PPPRA especially commends the Federal Government for taking the bold step at resolving longstanding hitches such as the issue of overlapping functions in the regulation of the sector.”
The Executive Secretary further said that the establishment of the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, clearly delineated the roles of industry operators and regulators.
