{"id":74197,"date":"2021-08-23T05:39:30","date_gmt":"2021-08-23T04:39:30","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=74197"},"modified":"2021-08-23T05:39:30","modified_gmt":"2021-08-23T04:39:30","slug":"pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/08\/23\/pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra\/","title":{"rendered":"PIA: Petrol price won&#8217;t change until negotiation with labour concluded &#8211; PPPRA"},"content":{"rendered":"<p>The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that the signing into law of the Petroleum Industry Bill does not translate to an immediate increase in the price of petrol.<\/p>\n<p>President Muhammadu Buhari on August 16 signed the Petroleum Industry Bill into law.<\/p>\n<p>Subsequently, there were speculations that the new law would result in a hike in petrol price following its provision for the deregulation of the petroleum sector and removal of subsidy.<\/p>\n<p>Reacting to these speculatioms via a statement issued on Sunday, the executive secretary of the PPPRA, Abdulkadir Saidu said\u00a0the current price will subsist until negotiation with organised labour is completed.<\/p>\n<p>\u201cThere is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector,\u201d the statement reads.<\/p>\n<p>\u201cHowever, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>The agency said the new law will revamp the oil industry and foster greater <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/18\/buhari-nigeria-lost-investments-worth-50bn-to-non-passage-of-pib\/\">investment<\/a> in the sector.<\/p>\n<p>\u201cThe 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,\u201d Saidu said.<\/p>\n<p>\u201cDelivering 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.<\/p>\n<p>\u201cIt will also 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.\u201d<\/p>\n<p>President Muhammadu Buhari on Wednesday approved\u00a0a nine-member steering committee to ensure the implementation of the PIA.<\/p>\n<p>The committee, which is headed by Timipre Sylva, minister of state for petroleum resources, has a 12-month duration for the assignment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that the signing into law of the Petroleum Industry Bill does not translate to an immediate increase in the price of petrol. President Muhammadu Buhari on August 16 signed the Petroleum Industry Bill into law. Subsequently, there were speculations that the new law would result in [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":74199,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[9679,12195,16414,208],"class_list":["post-74197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-oil-and-gas-industry","tag-petroleum-industry-bill","tag-petroleum-products-pricing-regulatory-agency","tag-president-muhammadu-buhari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PIA: Petrol price won&#039;t change until negotiation with labour concluded - PPPRA<\/title>\n<meta name=\"description\" content=\"The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that the signing into law of the Petroleum Industry Bill does not translate to an immediate increase in the price of petrol.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/23\/pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIA: Petrol price won&#039;t change until negotiation with labour concluded - PPPRA\" \/>\n<meta property=\"og:description\" content=\"The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that the signing into law of the Petroleum Industry Bill does not translate to an\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/23\/pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-23T04:39:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/08\/adewale_chocomilo\/2021\/08\/23\/20210823_053902.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"678\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/08\\\/23\\\/pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/08\\\/23\\\/pia-petrol-price-wont-change-until-negotiation-with-labour-concluded-pppra\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/3214702c0d078568b414b76eb81dd64d\"},\"headline\":\"PIA: Petrol price won&#8217;t change until negotiation with labour concluded &#8211; 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