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JUST IN: PPPRA Speaks On Increment Of Petrol Price
- The Petroleum Products Pricing Regulatory Agency (PPPRA) has spoken about the increment of petrol price in the country.
EKOHOTBLOG reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the negotiations between the Federal Government (FG) and Organised Labour would minimise the effect of subsidy removal upon full deregulation of the oil sector.
The Executive Secretary of PPPRA, Abdulkadir Saidu, who made this known via a statement issued in Abuja on Sunday, stated that the petrol price would be adjusted in a way that it would not cause hardship on consumers.
He further noted that the Petroleum Industry Act (PIA) had signalled the full deregulation of the downstream oil sector, adding that the PIA does not automatically translate to any immediate increase in petrol price.
“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 said.
According to the PPPRA Executive Secretary, PIA had provided legal, governance, a regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
READ ALSO: Nigeria Lost $50bn To Uncertainty Over Petroleum Industry – Buhari
Saidu added that the Act marked the beginning of a new era in the growth and development of the entire oil and gas industry.
He further stressed that the implementation of the PIA would provide a more consistent standard of operations and ensure less cumbersome regulatory control of the industry, among other gains.
The PPPRA Executive Secretary noted that the establishment of the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, clearly defined the roles of industry operators and regulators.
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