Executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, has said the current price of Premium Motor Spirit (PMS) popularly called petrol will remain until negotiations are concluded with organised labour.
PPPRA, in a statement signed by Saidu, said the Petroleum Industry Act (PIA) does not automatically translate to any immediate increase in the price of PMS, though signals the implementation of full deregulation of the downstream sector.
Saidu expressed confidence in the newly signed Act, saying that the new law promises to create an environment with a transparent, clear and robust legal and regulatory regime that is sure to open up new vistas in the oil and gas industry, and the Nigerian economy.
He said the PIA which provides legal, governance, regulatory and fiscal framework for the Nigerian 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.
While congratulating President Muhammadu Buhari, minister of State for Petroleum Resources, Chief Timipre Sylva, and the 9th National Assembly for finally making the historic Petroleum Industry Act (PIA) a reality, Saidu noted that the implementation of the PIA would foster greater investment in the sector, 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.