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.
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.
