Business
PIA: FG, Labour’s Negotiations To Minimise Effects Of Subsidy Removal – PPPRA
Following the enactment of the Petroleum Industry Act (PIA), the Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Abdulkadir Saidu, says the ongoing Federal Government’s negotiation with Labour on subsidy removal, will develop a feasible framework that minimises the impact of a market-based pricing policy on the masses.
He said in a statement at Abuja that the PIA signals the implementation of full deregulation of the downstream sector.
He said it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS.
The PPPRA boss said: “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.”
The Executive Secretary congratulated President Muhammadu Buhari, the Minister of State for Petroleum Resources, Chief Timipre Sylva and the 9th National Assembly for finally making the historic Act a reality.
The agency 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 the PIA, which provides legal, governance, regulatory and fiscal framework for the 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.
He noted that 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 added that the implementation of the PIA would foster greater investment to the sector.
According to him, 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.
Business
Prioritise Agro-Processing, Ex-FIIRO Boss Charges Women Farmers

Business
ActionAid Urges Media Support For Inclusive Food Systems

Business
AGRA, Nestlé, TechnoServe Unveil $1m Climate-Smart Agric Project

-
News4 days ago
Bandits, Insurgents Living Among Nigerians -Sanusi
-
Women19 hours ago
IPC, NAWOJ Move To Encourage More Women In Politics …Seek Growth In Journalism
-
Sports18 hours ago
Bayelsa, Others Vyinng To Host 2028 NSF
-
Politics5 days ago
Okpebholo Gifts Council Chairmen SUVs, Denies Interference With LG Funds
-
News4 days ago
Weeds Take Over Site Of Border Park In Cross River
-
Rivers19 hours ago
Police Arrest Notorious Car Snatcher In Rivers
-
News18 hours ago
Natasha Disowns Viral Tape Blackmailing Tinubu
-
Niger Delta4 days ago
Don Identifies Key Challenges To Tertiary Education In Nigeria