Press Statement: Downstream Stakeholders Dispel Rumours of an Imminent PMS Price Increase

September 8, 2016 // 0 Comments

Following the recent news making the rounds in the media, pointing to an imminent increase in the pump price of Premium Motor Spirit (PMS), an emergency meeting was held today, between major Stakeholders in the Downstream Sub-Sector, presided over by the Honourable Minister of State for Petroleum Resources/Board Chairman, (NNPC) Dr. Emmanuel Ibe Kachikwu. Present at the meeting were the Group Managing Director (NNPC), Acting Executive Secretary of Petroleum Products Pricing Regulatory Agency [...]

Press Release: PPPRA Second Quarter Price Modulation

May 11, 2016 // 0 Comments

Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian Consumers, Marketers and the Economy. In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products [...]

PPPRA Did Not Pay Itself NGN312Bn

October 14, 2014 // 0 Comments

Following the establishment of an Ad Hoc Committee by the House of Representatives to verify and determine the actual subsidy requirement and monitor the implementation of the subsidy regime in Nigeria, the Agency was invited, and made presentations to the Committee on the implementation of the scheme from 2006 to 2011. While the Agency is still awaiting the Resolution of the House on the Report of the AdHoc Committee, we consider it appropriate to correct some information in the media, [...]