Oil & Energy
PIA Does Not Mean Increase In Petrol Price – PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA), says the implementation of Petroleum Industry Act (PIA) does not mean automatic increase in the pump price of petrol in the country.
The Executive Secretary of the agency, Mr Abdulkadir Saidu disclosed this in a statement in Abuja, yesterday.
“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 congratulated President Muhammadu Buhari and Minister of State for Petroleum Resources, Chief Timipre Sylva for making the historic Petroleum Industry Act (PIA) a reality.
“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 .
He added that the implementation of the PIA would foster greater investment in the sector.
“ It will also lead to transparency and efficient resource management, provide a more consistent standard of operations and ensure less cumbersome regulatory control of the industry, among other gains,” Saidu added.
He also commended 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.
Saidu said that the establishment of the Nigerian Upstream Regulatory Commission (NURC) as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) clearly delineates the roles of industry operators and regulators.
Our correspondent reports that Buhari on August 16th passed into law the Petroleum Industry Bill (PIB) and constituted a steering committee for immediate implementation of the Act.
The committee is to be chaired by the Minister of State for Petroleum Resources, Chief Timipre Sylva.
Oil & Energy
OML18: NNPC, Sahara Launch 2.2m-Barrel Floating Vessel

Oil & Energy
Space-Based Solar Power Finally Ready to Shine?

Oil & Energy
Aide, Others Laud Gov. Diri Over ‘Light Up Bayelsa’ Project

-
News4 days ago
NERC Approves N28bn For Procurement Of Meters For Band A Customers
-
News4 days ago
Fubara Reassures Rivers People Of Completion Of PH Ring Road Project
-
Rivers4 days ago
World Food Day: Farmers Urge Collaboration For Improved Productivity
-
Nation4 days ago
MOSIEND Hails Benibo Anabraba Appointment As Rivers SSG
-
Rivers4 days ago
IAUE Governing Council Chair Assures On Mandate Delivery
-
Featured4 days ago
Fubara Tasks New SSG On Honour, Service, Protection Of Rivers Interest
-
Opinion4 days ago
Dangers Of Unchecked Growth, Ambition
-
Editorial4 days ago
Making Rivers’ Seaports Work