PIA: No immediate increase in fuel price, PPPRA tells Nigerians

In the wake of the implementation of the Petroleum Industry Act (PIA), the Petroleum Products Pricing Regulatory Agency (PPPRA) has allayed fears of Nigerians over an increase in the pump price of petrol in the country.

This was contained in a statement issued on Sunday by the Executive Secretary of the Agency, Mr Abdulkadir Saidu, in Abuja.

“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 a negotiation with organised labour, which will develop a feasible framework that minimises the impact of a Market-Based pricing policy on the masses, is concluded,’’ he said.

READ ALSO: PIA: Nigerian govt plans trust fund for management of 3% allocation to oil communities

He further explained the importance of the Act while praising President Muhammadu Buhari over its actualisation.

“The PIA which provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters, marks the beginning of a new era in the growth and development of the entire oil and gas industry.

“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,’’ he said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now