The Petroleum Products Pricing Regulatory Agency (PPPRA), has said that the price of Fuel in the country remains the same until the Federal Government and Labour conclude their negotiations.

The Executive Secretary, PPPRA, Abdulkadir Saidu, in a statement issued on Sunday, in Abuja  noted that the Petroleum Industry Act (PIA), had signaled the full deregulation of the downstream oil sector. He however, stated that the negotiations between the Federal Government and labour would minimize the effect of subsidy removal upon full deregulation of the sector.

He assured that the price of petrol would be adjusted in a way that it would not cause hardship on Nigerians.

“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 negotiations with organised labour, which will develop a feasible framework that minimises the impact of a market-based pricing policy on the masses, is concluded.”

Further in his speech, Saidu said the PIA marked the beginning of a new era in the growth and development of the entire oil and gas industry, adding that it has provided legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters.

“Delivering on the promise to create an environment with a transparent, clear and robust legal and regulatory regime is sure to open up new vistas in the oil and gas industry, and the Nigerian economy.

“The PPPRA especially commends 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.”