Thursday, May 15, 2025

PIA: Labour to be involved in talks on petrol pump price hike, says PPPRA

The PIA signals the implementation of full deregulation of the downstream sector, the federal government said.

• August 22, 2021
Abdulkadir Saidu and Timipre Sylva
A composite of Abdulkadir Saidu and Timipre Sylva used to llustrate the story

Following the signing of the Petroleum Industry Bill into law, the Buhari regime says it would seek to negotiate market-based pricing for petroleum products with the organised labour.

The executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, in a statement in Abuja on Sunday, however, said the Petroleum Industry Act does not mean automatic price increment.

“There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector,” says Mr Saidu.

“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 added.

President Muhammadu Buhari on August 16 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, Timipre Sylva.

Mr Saidu says the new Act has open a new vistas for the development of the oil sector. 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,” Mr 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.

Mr 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.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Abubakar Kyari

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Kratom (Mitragyna speciosa)

Uncategorized

How Much Does Kratom Cost? – A Complete Pricing Guide

Kratom prices vary significantly based on multiple factors, leaving consumers wondering how much they should expect to pay.

JAMB registrar addressing media

Education

FULL SPEECH: 2025 UTME fiasco ‘easily avoidable error’ committed by one or two persons, says JAMB Registrar

“Today marks a moment we shall not soon forget — a day that should have been filled with celebration…regarded as our most successful UTME exercise,” said Mr Oloyede.

Benue and Zamfara assembly complexes

Politics

Court case stalls Reps hearing on takeover of Benue, Zamfara parliaments

Mr Laori said the adjournment became necessary as the committee had been served with court documents, notifying it that the matter is currently in court.

Governor of kaduna state Uba Sani

Faith

Kaduna inaugurates 2025 Hajj transportation

The Kaduna government officially began the 2025 Hajj transportation on Wednesday, with 311 intending pilgrims departing for Saudi Arabia in the first batch.

APC governors

Economy

Nationwide Hardship: Governors back Tinubu’s harsh reforms amid widespread disillusionment

Mr Uzodimma, chairman of the Progressive Governors Forum, said despite loud opposition, Mr Tinubu was succeeding through reform-focused governance.