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Tag: PPPRA

  • Ex-PPPRA ES loses wife

    Ex-PPPRA ES loses wife

    Former Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Mr Abiodun Ibikunle, has lost his wife, Alhaja, Princess Adijat Oyeronke Ibikunle (nee Oyeleke).

    She died on Sunday August 31, 2025 after a brief illness at 68.

    According to a by funeral announcement,

    her son Ademola Ibikunle, an eight-day Fidau Prayer holds on Sunday September 7, 2005 for the repose of her soul at 10:30 am at The Podium, 124 T.F. Kuboye Road, Lekki Phase 1, in Lagos.

    Ibikunle’s remains had been laid to rest according to Islamic rites in Offa, Kwara State.

    A mother of three, Mrs Ibikunle was a businesswoman who engaged in wholesale of essential products from Flour Mills, Dangote and Chikki Foods Industry.

    She was a princess of the Obatiwajoye Compound of Anilelerin ruling house of Offa.

    She would be remembered for her devotion, loyalty and commitment to her family (nuclear and extended). 

  • NNPC to depots: don’t sell petrol above N133.28/litre

    The Nigerian National Petroleum Corporation (NNPC) has warned depot owners or terminal operators not to sell Premium Motor Spirit (PMS), otherwise called petrol, above the official ex-depot price of N133.28k per litre.

    The Corporation also cautioned petroleum products marketers not to sell the product above N145 per litre.

    Ex-depot price is the ceiling at which depot owners or terminal operators sell products to marketers, while the pump price of a product is the amount consumers buy it from fuel stations.

    READ ALSO: NNPC pledges commitment to gas development

    A release yesterday in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the subsisting ex-depot petrol price of N133.28k per litre was consistent with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) template and should be adhered to.

    Ughamadu stated that NNPC held stock of over 1billion litres, adding that imports of 48 vessels of 50million litres each have been committed for the month of April alone.

    He advised Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources (DPR), the Industry regulator or to any law enforcement agency around them, on any station which sells petrol beyond N145 per litre.

  • Petrol pump price remains N145 per litre, says PPPRA

    PETROLEUM Products Pricing Regulatory Agency (PPPRA) Executive Secretary Abdulkadir Saidu yesterday refuted the growing speculation on the purported imminent price increase in the pump price of Premium Motor Spirit (Petrol).

    He noted that the retail price of Premium Motor Spirit (Petrol) remains at the subsisting price cap of N145 per litre.

    In a statement issued in Abuja, Saidu urged marketers to ensure that there is no price distortion in their respective retail outlets.

    The PPPRA, he said, would keep carrying out its oversight function of monitoring prices in depots and in filling stations across the country, to ensure adherence to the regulated price and to stop other forms of sharp practices at retail outlets.

    He warned that adequate sanctions await any erring filling stations found wanting.

    The Executive Secretary hailed the petroleum oil marketers for embracing dialogue with the Federal Government to resolve the issues arising from payment of the outstanding fuel subsidy claims.

    Read also: Oyetola promises religious harmony

    Saidu noted that embarking on strike was not always the best option to address any industrial dispute, irrespective of the circumstances, because the multiplier effects are always too much to bear.

    The PPPRA boss, therefore, appealed to oil marketers’ associations’ leadership to cooperate with the Federal Government to find a workable solution to the issue emanating from the payment of subsidy arears.

    He assured the oil marketers of PPPRA’s continuous support, cooperation and collaboration at ensuring a conducive industrial climate, where the best of the oil and gas sector could be showcased.

    Saidu also assured Nigerians of PPPRA’s total commitment to service delivery and uninterrupted petroleum products supply and distribution, especially during this festive period and beyond.

    He, therefore, appealed to motorists and other PMS consumers to desist from panic-buying, as PPPRA is working hard with other agencies of government to ensure that there was no shortfall in the supply and distribution of petroleum products nationwide.

     

  • Petrol pump price remains N145 per litre – PPPRA

    The Executive Secretary Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu on Tuesday refuted the growing speculation on the purported imminent price increase in the pump price of Premium Motor Spirit (Petrol), noting that the retail price of Premium Motor Spirit (Petrol) remains at the subsisting price cap of N145 per litre.

    According to him, in a statement issued to reporters in Abuja,  marketers should ensure that there is no price distortion in their respective retail outlets. 

    The PPPRA, he said, shall continue to carry out its oversight function of monitoring exercise in depots and in all the filling stations across the country, to ensure adherence to the regulated price and to nib in the bud other forms of sharp practices at retail outlets. 

    He specifically warned that adequate sanctions await any erring filling stations found wanting.

    Read Also: PPPRA vows to sanction profiteers

    The Executive Secretary commended the petroleum oil marketers in the country for embracing dialogue with Federal Government to resolve the issues arising from payment of the outstanding fuel subsidy claims, noting that embarking on strike is not always the best option to address any industrial dispute, irrespective of the circumstances because  the multiplier effects is always too much to bear.

    The PPPRA boss therefore appealed to the leadership of the Oil Marketers Association to cooperate with the Federal Government to find a workable solution to the issue emanating from the payment of subsidy arears. He further assured the oil marketers of PPPRA’s continuous support, cooperation and collaboration at ensuring a conducive industrial climate where the best of the oil and gas sector could be showcased.

    Mr. Saidu also assured Nigerians of PPPRA total commitment to service delivery and uninterrupted petroleum products supply and distribution especially during this festive period and beyond. 

    He therefore, appealed to motorists and other PMS consumers to desist from panic-buying, as PPPRA is working hard with other Agencies of government to ensure that there is no short fall in the supply and distribution of petroleum products nationwide.

  • Petrol price remains N145 per litre – Kachikwu

    Petrol price remains N145 per litre – Kachikwu

    The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Friday in Abuja said petrol price remains N145 per litre, pleading that the issue should not be politicised.

    Kachikwu, who said this at a news conference, said President Muhammadu Buhari’s stand on the issue was clear, hence, the ministry was working hard to resolve future occurrence of fuel shortages.

    According to him, the essence of the ongoing meetings with stakeholders, which began few days ago, is to find mechanisms to ensure that fuel queues do not come back.

    “There are social media commentaries implying that when we met with the committee set up by the Senate President to review the causative factors of the fuel scarcity and find solutions, there was a statement credited to me that the price might be increased to N180.

    “No such statement was made; no such plan is intended. I needed to clarify this because sometimes some of these rumour mongering add to the difficulties NNPC had in terms of being able to control price speculation.

    “The president mandate on this issue is very specific: we are not increasing price from N145,’’ Kachikwu said.

    Read also: DPR seals 80 petrol stations in Delta

    He said issues being looked at include a “wetting’’ of all stations so that product is available at every time for Nigerians and how to deal with the problem of private marketers that pulled out from participation.

    “This is so that they can participate effectively in the supply of petroleum products in the country, all within the parameters of N145 per litre pump price.

    “I thought we should make this very clear. This is not a matter for speculation; anybody who does speculation on it is not being helpful to Nigerians.

    “They have already gone through a very difficult Christmas period. We are working night and day to try and find solutions. It is not a political issue; people should step out of that goal post.

    “We want to provide succour to Nigerians, we want to provide product at N145, that is the presidential mandate; that is the Federal Executive Council mandate; nobody is having a deliberation on that.

    “We are actually looking at steps for those who have breached these processes, what we can do to penalise them and also set very stiff penalties for those who go to sell above N145.

    “Going forward, after the recommendations, there will be very massive enforcement; very firm position on this issue; very firm tracking of product in this country.

    “Nobody deserves this sort of up and down in terms of product supply in this country.

    “I want to make that very clear, there is no discussed intended price increase issue; price is N145 per litre at the pump price; it remains that; nothing has changed; there is no mandate to increase that,’’ he stressed.

    Responding to another insinuation that marketers were free to fix petrol prices, he said there was no authorisation to modulate outside the N135 – N145 bracket.

    `This is not a multiple price-fixing environment where people can work outside the umbrella of what has been fixed. What we have approved was a modulation between N135 and N145 per litre.

    “I am aware that some stations, even as of this morning, sold at N143. The majority sold at N145. Some recalcitrant individuals sold above that and that is why the law needs to go after them.

    “Nobody is free to set price above that,’’ he said.

    On the Petroleum Products Pricing Regulatory Agency ( PPPRA ) template that helps monitor importation into the country, Kachikwu said “the template has always been an issue.

    “This is because as prices change in the international market, some of this template become questionable.

    “As part of this committee’s work, we are also reviewing that template to see whether there are things we need to do to help us ensure that we can accommodate sales at the N145 per litre window.

    “That is also going to be looked at. PPPRA is working on that and it is heading a special committee on it’’.

    NAN

  • Experts back proposed restructuring of NNPC, DPR, PPPRA

    Experts back proposed restructuring of NNPC, DPR, PPPRA

    EXPERTS have endorsed the restructuring of the Nigerian National Petroleum Corporation (NNPC), the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) as enshrined in the Petroleum Industry Governance Bill (PIGB).

    It will bring about a profit-driven, efficient and virile petroleum industry, if carried out, they said.

    The stakeholders include former Country Presidents, International Association of Energy Economist (IAEE) Professors Wunmi Iledare and Adeola Akinnisiju.

    They said Senate’s pronouncement  on repositioning the three agencies to achieve growth is a good omen for the industry, adding that the decision will unlock the potentials of the industry after several failed attempts.

    They said the passage of the PIGB and the subsequent restructuring of NNPC, DPR and PPPRA would help in bringing Direct Foreign Investments (DFIs) into the sector and reduce liquidity gaps.

    Iledare said NNPC, DPR and PPPRA are not scrapped by the Senate as Nigerians are being made to believe, noting that the agencies are being restructured for better performance. He said the  Senate had implemented parts of the industry reforms by restructuring the three agencies, stressing that operators have waited patiently for the reforms.

    He said:“The conclusion in some quarters that the Senate has scrapped or outlawed NNPC, DPR, and PPPRA was wrong. The three parastatals are still much in existence even though they are going to operate under new managements and names. What Senate did was to make the agencies stronger and result-oriented.

    “Due to the restructuring, a National Oil Company (NOC) will emerge to replace the Nigerian National Petroleum Corporation (NNPC). With NOC, there will be an effective regulatory control in the oil and gas sector. Just as we have the Central Bank of Nigeria (CBN) regulating and supervising the banking industry. The petroleum sector will be regulated by the National Oil Company.”

    He said transformation of the industry is long overdue, noting that operators have been expecting the sector to provide growth for the economy.

    Iledare, formerly of the University of Port Harcourt, Rivers State, said the restructuring would help in improving regulatory and commercial activities in the industry as NOC would be saddled with facilitating commercial activities in the sector.

    Akinnisiju said under the new arrangement, NOC would be in a better position to drive growth by bringing in more local and foreign investors into the sector, adding that following the restructuring of the sector, NOC and other agencies would generate revenue for the government and other stakeholders in the value chain.

    “I foresee a situation whereby NOC would be operating as a commercial entity like Shell and other multinational oil companies. It would make money and provide dividends to its shareholders and the economy would be better for it,”he said, urging the Federal Government to provide a conducive environment for operators to facilitate the much- needed growth in the oil and gas industry.

  • Stakeholders back proposed restructuring of NNPC, DPR, PPPRA

    STAKEHOLDERS have endorsed restructuring of the Nigerian National Petroleum Corporation (NNPC), the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) as enshrined in the Petroleum Industry Governance Bill (PIGB).

    It will bring about a profit-driven, efficient and virile petroleum industry if it is carried out, they said.

    The stakeholders include former Country Presidents, International Association of Energy Economist (IAEE) Professors Wunmi Iledare and Adeola Akinnisiju.

    They said Senate’s pronouncement  on repositioning the three agencies to achieve growth is a good omen for the industry, adding that the decision will unlock the potentials of the industry after several failed attempts.

    They said the passage of the PIGB and the subsequent restructuring of NNPC, DPR and PPPRA will help in bringing Direct Foreign Investments (DFIs) into the sector and reduce liquidity gaps.

    Iledare said NNPC, DPR and PPPRA are not scrapped by the Senate as Nigerians are being made to believe, noting that the agencies are being restructured for better performance. He said the  Senate has implemented parts of the industry reforms by restructuring the three agencies, stressing that operators have waited patiently for the reforms.

    He said:“The conclusion in some quarters that the Senate has scrapped or outlawed NNPC, DPR, and PPPRA was wrong. The three parastatals are still much in existence even though they are going to operate under new managements and names. What Senate did was to make the agencies stronger and result-oriented.

    “Due to the restructuring, a National Oil Company (NOC) will emerge to replace the activities of the Nigerian National Petroleum Corporation (NNPC). With NOC on ground, there will be an effective regulatory control in the oil and gas sector. Just as we have the Central Bank of Nigeria (CBN) regulating and supervising activities in the banking industry. The petroleum sector will be regulated by the National Oil Company.”

    He said transformation of the industry is long overdue, noting that operators have been expecting the sector to provide growth for the economy.

    Iledare, who was formerly with the University of Port Harcourt, Rivers State, said the restructuring will help in improving regulatory and commercial activities in the industry as NOC will be saddled with the responsibilities of facilitating commercial activities in the sector.

    Akinnisiju said under the new arrangement, NOC will be in a better position to drive growth by bringing in more local and foreign investors into the sector, adding that following the restructuring of the sector, NOC and other agencies would generate revenue for the government and other stakeholders in the value chain.

    “I foresee a situation whereby NOC would be operating as a commercial entity like Shell and other multinational oil companies. It would make money and provide dividends to its shareholders and the economy would be better for it,”he said, urging the Federal Government to provide conducive environment for operators in order to facilitate the much needed growth in the nation’s oil and gas industry.

  • PPPRA vows to sanction profiteers

    PPPRA vows to sanction profiteers

    The Petroleum Products Pricing Regulatory Agency (PPPRA) will sanction  marketers who exploit motorists and other consumers, its Acting Executive Secretary, Mr Victor Shidok, has said.

    Shidok, told reporters in Abuja that the agency would not allow long queues at filling stations beacuse of speculations that pump prices may be raised.

    The agency, he said, would ensure effective monitoring of products’ distribution and compliance with pricing template.

    He warned that Nigerians should not be disturbed by speculations on deregulation since the agency would deal with dubious marketers.

    The PPPRA chief lamented the loss of lives resulting from scarcity due to diversion, adulteration and storage of fuel at homes.

    According to him, since the  PPPRA was established 16 years ago, Nigeria has not witnessed the perennial scarcity of petroleum products apart from occasional hiccups from supply challenges. In  distribution, PPPRA has been able to establish stability in the downstream sector, he added.

    Shidok assured Nigerians that what the sector deregulated, they would  buy, particularly petrol, below the pump price adding:  “We can say that we have not fully deregulated, but I am bold to say that we have achieved 75 per cent of downstream deregulation,  making it possible to buy fuel without long queues at filling stations.”

    He noted that countries with deregulated regimes had mechanism to protect consumers from exploitation.

    In a fully deregulated regime,  the PPPRA, he said, would  ensure the effective distribution of petroleum products.

    Shidok explained that in a fully deregulated regime, the agency’s role would be restricted to commercial activities while the Department of Petroleum Resources (DPR) will continue to function as the technical regulator of  downstream activities.

    He explained that PPPRA would not embark on production of biofuel, but  would ensure an integrated approach to production.

    The roles of PPPRA in coordinating biofuels activities through provision of incentives and encouragement will enable Nigeria to replicate Brazil’s achievement in biofuels production. “Our roles via encouraging production by investors will boost production of liquid fuels and eliminate smuggling across the border. This again will boost Nigeria’s foreign exchange earnings,” he said.

  • PPPRA pushes for fuel tax

    •Refineries’ privatisation 

    The Petroleum Products Pricing Regulatory Agency (PPPRA) has said the imposition of taxes on petroleum products such as petrol, diesel, kerosene and gas is capable of boosting Federal Government’s revenue.

    It also urged the government to sell the refineries and ‘Downstream Logistics Facilities’ as another way of shoring up revenue.

    According to a report the agency submitted to the Ministry of Finance  at the conclusion of a two-day National Revenue Retreat in Kano, the PPPRA said the introduction of taxes on petroleum products will supplement the revenue lost due to the fall in oil prices.

    The report showed that the average national daily consumption of fuel stood at 45 million litres, diesel-nine million litres and aviation fuel, 1.5 million litres.

    It showed that there were three different taxes that could be charged, which the PPRA’s pricing template did not currently accommodate. These are Highway Maintenance, Government Tax, Import Tax and Fuel Tax.

  • PPPRA explains new price regime

    PPPRA explains new price regime

    A statement by the Acting Executive Secretary of the PPPRA Sotonye E. Iyoyo, titled ‘PPPRA Second Quarter Price Modulation’ said: “In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency (PPPRA) hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

    “The review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange. To meet the consumption demand of the nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

    “The PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all citizens.

    “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 Pricing Regulatory Agency (PPPRA) hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

    “This review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange. To meet the consumption demand of the nation, importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

    “PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics, thereby ensuring fair value to all citizens.”