PIA Does Not Translate Increase In Petrol Price – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the implementation of Petroleum Industry Act (PIA) does not mean automatic increase in the pump price of petrol in the country.

The Executive Secretary of the Agency, Abdulkadir Saidu, disclosed this in a statement in Abuja on Sunday.

“There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector.

“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 said.

Meanwhile In A Press Briefing Minister of State For Petroleum Resources Timipre Sylva Reiterated The Same.