The Petroleum Products Pricing Regulatory Agency, PPPRA has assured that the implementation of Petroleum Industry Act, PIA does not mean automatic increase in the pump price of petrol.
Executive Secretary of the Agency Abdulkadir Saidu announced this in a statement in Abuja noted that there is no gain saying that the PIA signals the implementation of full deregulation of the downstream sector.
He also explained that 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.
The Executive Secretary added that the implementation of the act would foster greater investment in the sector, noting that it will 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.
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.
