Still rejoicing over crossing into the New Year, then Mr. President turned it sour with the Removal of Fuel Subsidy.... meaning a liter of Fuel which was N65 is now N141... Can u imagine?
The Petroleum Products Pricing Regulatory Agency (PPPRA) announcement when you continue...
Following extensive consultation with stakeholders across the nation,
the Petroleum Products Pricing Regulatory Agency (PPPRA) wishes to
inform all stakeholders of the commencement of formal removal of subsidy
on Premium Motor Spirit (PMS), in accordance with the powers conferred
on the agency by the law establishing it, in compliance with Section 7
of PPPRA Act, 2004.
By this announcement, the downstream sub-sector of the petroleum
industry is hereby deregulated for PMS. Service providers in the sector
are now to procure products and sell same in accordance with the
indicative benchmark price to be published forthnightly and posted on
the PPPRA website.
Petroleum products marketers are to note that no one will be paid subsidy on PMS discharges after 1st January 2012.
Consumers are assured of adequate supply of quality products at
prices that are competitive and non-exploitative and so there is no need
for anyone to engage in panic buying or product hoarding.
The PPPRA in conjunction with the Department of Petroleum Resources
(DPR) will ensure that consumers are not taken advantage of in any form
or in any way.
The DPR will ensure that the interest of the consumer in terms of
quality of products is guaranteed at all times and in line with
international best practice.
In the coming weeks, the PPPRA will engage stakeholders in further consultation to ensure the continuation of this exercise in a hitch-free manner.
Signed:
Reginald Stanley
Executive Secretary, PPPRA.
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