Deregulation

The Federal Government on Monday said that there are no plans to Scrap the Nigerian National Petroleum Corporation, NNPC in the Petroelum Industry Bill 2020 that has been transmitted to the National Assembly by President Muhammadu Buhari.

The ruling All Progressives Congress (APC) has commended the decision of organised labour to shelve its planned industrial action earlier slated to begin on Monday.

A don, Prof. Wumi Iledare, on Monday, said that there was no need for organised labour to embark on strike over the deregulation of the downstream oil sector.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has commended labour leaders for suspending their planned protest and strike over hike in electricity tariff and fuel pump price.

Organised Labour has suspended its planned nationwide industrial action for two weeks over the recent hike in electricity tariff and fuel pump price in the country.

The meeting between the Federal Government and the Organised Labour over the recent hike in fuel price and electricity tariff has been postponed till Monday, Sept. 28, for further deliberation, newsmen report.

Nigeria Liquefied Petroleum Gas Association, NLPGA, has kicked against moves by the Petroleum Products Pricing Regulatory Agency, PPPRA, to impose administrative levy, despite the deregulation of the LPG sector.

Though the deregulation of petrol is causing hardship across the polity, the initial pain will eventually give way to greater benefits among which include a significant reduction in the price and availability of the product at all times, according to Nigerian President, Muhammadu Buhari.

The Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, will be beneficial to Nigeria and Nigerians in the long run.

Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday, disclosed that the Federal Government is currently working with critical stakeholders in the oil and gas industry to convert the massive amount of gas being flared in the country to electricity for Nigerians at a cheaper rate.

The Petroleum Products Pricing Regulatory Agency (PPPRA) says full deregulation of the downstream oil and gas sector will help force down price of Premium Motor Spirit (PMS) also known as petrol.

Oil marketers, under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), yesterday, kicked against attempts by some labour groups and trade associations to stage a protest march in opposition to the recent hike in the price of Premium Motor Spirit, also known as petrol.

The independent oil marketers operating under the aegis of the Private Depot of Oil and Gas Marketers Association of Nigeria (PDOGMAN) has impressed on the federal government the need to embark on full deregulation of the downstream sector of the nation’s oil and gas industry, saying this would benefit the economy on the long run.

The Petroleum Products Pricing Regulatory Agency (PPPRA) says it is no longer fixing the pump price of Premium Motor Spirit (PMS) also known as petrol for marketers.

This was contained in a statement signed by the Executive Director, CISLAC, Auwal Ibrahim Musa, where the CSOs expressed concern over hemorrhage on revenue flows and oil production that has earned Nigeria’s oil sector a not-too-favorable reputation both locally and internationally.

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government has eliminated subsidy and under recovery in the industry.

Mixed reactions on Wednesday trailed the reduction in the pump price of Premium Motor Spirit from N145 to N125 per litre by the Federal Government.

Ogun State Governor, Prince Dapo Abiodun, has stressed the need for the deregulation of the petroleum sector to make fund available for the construction of roads and provision of other basic amenities.