The Petroleum Products Pricing Regulatory Agency (PPPRA) said last week in Abuja that the federal government was yet to take final decision on the commencement date for deregulation of the down stream sector.
But the agency declared that government’s decision on the policy was irreversible.
PPPRA’s Executive Secretary Mr. Abiodun Ibikunle stated this during the inauguration of the agency’s board by the Secretary to the Government of the Federation (SGF) Alhaji Mahmud Yayale Ahmed.
The new board of the PPPRA is headed by former PDP Chairman, Ahmadu Ali. The 22-member board is expected to: determine “the pricing policy of petroleum product, regulating the supply and distribution of petroleum product, establishing an information data bank through liaison with all relevant agencies to facilitate the making of informed and realistic decision and moderate volatility in petroleum product prices while ensuring reasonable returns to operators."
According to Ibikunle even though there was no going back on deregulation government was still consulting with relevant stakeholders and will commence implementation as soon as consultations are over.
"Government is determined to see deregulation go through but in doing that, government is still engaging in dialogue with stakeholders and we all know that the government of President Umaru Musa Yar’ Adua is a listening one.
"He is still engaged in consultations with all stakeholders and the interest of the general public will be taken into consideration at arriving at the way forward" he said.
He assured Nigerians of the sufficiency of petroleum products advising against hoarding and panic buying.