Following the enactment of the Petroleum Industry Act (PIA), the Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Abdulkadir Saidu said 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.
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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 will 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.
Saidu said 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.
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