The Petroleum Products Pricing Regulatory Agency (PPPRA) says the execution of Petroleum Industry Act (PIA) doesn’t mean programmed expansion in the siphon cost of petroleum in the country.
The Executive Secretary of the Agency, Abdulkadir Saidu, uncovered this in an assertion in Abuja on Sunday.
“There is no denying that the PIA flags the execution of full liberation of the downstream area.
“Nonetheless, it stays deserving of note that the PIA doesn’t naturally mean any quick expansion in the cost of PMS.
” The current cost will stay until an arrangement with coordinated work, which will foster a possible structure that limits the effect of a Market-Based estimating strategy on the majority, is finished up,” he said.
He further complimented President Muhammadu Buhari and Minister of State for Petroleum Resources, Timipre Sylva for making the noteworthy Petroleum Industry Act (PIA) a reality.
“The PIA which gives lawful, administration, administrative and financial structure for the Nigerian petrol industry, the improvement of host networks and related issue, denotes the start of another time in the development and advancement of the whole oil and gas industry.
” Delivering on the guarantee to establish a climate with a straightforward, clear and hearty lawful and administrative system makes certain to open up new vistas in the oil and gas industry, and the Nigerian economy,” he said.
He added that the execution of the PIA would cultivate more noteworthy interest in the area
” It will likewise prompt straightforwardness and proficient asset the executives, give a more reliable norm of activities and guarantee less bulky administrative control of the business, among different increases,” Mr Saidu added.
He likewise lauded the Federal Government for making the strong stride at settling longstanding hitches like the issue of covering capacities in the guideline of the area.
Mr Saidu said the foundation of the Nigerian Upstream Regulatory Commission just as the Nigerian Midstream and Downstream Petroleum Regulatory Authority obviously portrays the jobs of industry administrators and controllers.
President Buhari on August 16 endorsed into law the Petroleum Industry Bill and comprised a guiding council for guaranteed execution of the Act.
