Tag: PPPRA

FG scraps DPR, PPPRA, PEF, sacks CEOs, unveils new agencies

Aminu Imam

The Federal Government has scrapped the Department of Petroleum Resources, (DPR), the Petroleum Products Pricing Regulatory Agency, (PPPRA), and the Petroleum Equalisation Fund, (PEF). The Minister of State for Petroleum Resources, Timipre Sylva, who announced the decision on Monday, during the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NPRA), and the Nigerian Upstream Regulatory Commission in Abuja, (NURC), said that workers of the three agencies would be protected, while their chief executives had been relieved of their appointments. With the passage of the Petroleum Industry…

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FG scraps DPR, PPPRA, names new oil regulators, management, Boards

Aminu Imam

The two agencies in charge of regulations for Nigerias upstream and downstream oil sub-sector, Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA) will legally cease to exist in their current structures any moment from now, President Muhammadu Buhari has already announced the formation of new agencies to take the place of the two. Buhari has chosen the heads of the two regulatory agencies created following the adoption of the Petroleum Industry Act, according to a letter received exclusively by Platforms Africa to Senate President, Ahmed Lawan.…

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Senate uncovers N120bn differential in subsidy payment

Aminu Imam

  As IPMAN kicks The Senate Committee on Public Accounts on Wednesday raised an eyebrow over a huge differential of N120 billion in subsidy payment to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) by the Petroleum Products Pricing Regulatory Agency (PPPRA) in 2016. Relying on the 2016 report by the Auditor-General of the Federation, (AGF), the federal lawmakers said the Petroleum Products Pricing Regulatory Agency, (PPPRA), has explanations to make as they noted that while the subsidy amount reflected in the Federation Account Allocation Committee, (FAAC), was…

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FG spends N8.9t on subsidy in 10 years – PPPRA

Ishaku Yohanna

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the Federal Government has spent a total of N8.94 trillion on oil subsidy between 2006 and 2015. The agency disclosed this in a document on subsidy payment released in Abuja on Monday. It said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review. A breakdown of the money indicated that in 2006 a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to…

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Marketers are free to sell petrol at suitable prices, PPPRA tells Nigerians

Ishaku Yohanna

The Petroleum Products Pricing Regulatory Agency (PPPRA), the government agency that regulates petroleum products prices in the country, said in Abuja on Tuesday, that the sector is now fully deregulated as it no longer fixes fuel prices. This comes barely 24 hours after depot owners called for full deregulation of the downstream sector of the petroleum industry. On Monday, depot owners under the platform of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) urged the government to introduce full deregulation policy without delay to enhance the growth of…

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Petrol: FG officially begins full deregulation, as PPPRA jettison price bands

Ishaku Yohanna

…Says price to be determined by forces of demand and supply The Muhammadu Buhari-led Federal Government is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations. It disclosed this in Abuja through the Petroleum Products Pricing Regulatory Agency, adding that based on this, the downstream arm of the oil and gas sector had been fully deregulated. Responding to questions from journalists during a briefing at the headquarters of PPPRA, the agencys Executive Secretary, Abdulkadir Saidu, stated that…

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