Fuel Price Increase
Petroleum Pricing Agency board inaugurated
Jun 20, 2003, 21:49
| | President Olusegun Obasanjo on 19 June inaugurated a 28-member governing board for the Petroleum Products Pricing Regulatory Agency (PPPRA).
The inauguration came barely 24 hours after the National Council of States (NCS) endorsed Government’s plan to liberalise the downstream sector of the nation’s petroleum industry.
The PPPRA, with membership drawn from the Nigerian National Petroleum Corporation (NNPC), the Central bank of Nigeria (CBN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN), among others, has Chief Rasheed Gbadamasi as its Chairman.
Others members are:
Mr Funso Kupolokun, Senior Special Assistant to the President on Petroleum Matters, Representatives of Ministries of Finance, Transport, Petroleum Resources and Labour and Productivity Representatives of interest groups like NECA, PENGASSAN, MAN, NACCIMA, DAPMAN and the Petroleum Equalisation Fund.
President Obasanjo said the move to liberalise fuel prices is designed to institute order and sanity in the supply and distribution chain of petroleum products in the country.
Meanwhile, a new pricing regime became effective from 20 June with Premium Motor Spirit (Petrol) fixed at N40 per litre, while Diesel and Kerosene are to sell for N38 per litre; they previously were sold for N24 and N22 respectively.
Related Articles:
Government liberalises petroleum pricing
Petroleum Pricing Agency officially established
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