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Amedu Abalaka

Amedu Abalaka

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HOUSE OF REPS INTERACTS WITH NUPRC ON ADEQUATE FUEL SUPPLY.The House Commitee on Petroleum Resources Upstream Sector chaired by Hon Alhassan Ado Doguwa has engaged the Nigerian Upstream Petroleum Regulatory Commission in an interactive session during a meeting with the stated aim of collaborating to move the petroleum sector forward. The interactive session was held with a NUPRC delegation led by the Executive Secretary, Engr Gbenga Komolafe at the National Assembly Complex Abuja recently. On his own part, the NUPRC scribe stated that the Commission is ready to collaborate with the National Assembly and other stakeholders in order to ensure adequate fuel supply nationwide. Komolafe in fielding questions from the Commitee members present regarding the high price of petroleum products nationwide stated the NUPRC is committed to and will ensure the availability of petroleum products in the market on a willing seller/ willing buyer basis. Also the Commitee Chair, Hon Ado Doguwa and other members present reiterated that the National Assembly is committed to ensuring their oversight functions are carried out in a manner that carries all and sundry along in the crucial scheme of things. Hon Doguwa therefore urged NUPRC as well as all other agencies in the petroleum sector to devise creative means and innovative ways to move the sector forward in all positive ramifications.

June 28, 2024
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HOUSE COMMITEE ON PETROLEUM UPSTREAM SECTOR URGES NUPRC OTHERS TO BRING DOWN COST OF FUEL.The House Commitee on Petroleum Upstream Sector chaired by Hon Alhassan Ado Doguwa has urged the various agencies regulating the petroleum sector to ensure that the price of fuel and other petroleum products are drastically reduced for the benefit of the common man during a meeting with a delegation of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) led by the Executive Secretary, Engr Gbenga Komolafe recently. On his own part, the NUPRC scribe stated that his Commission will not regulate the pump price of petroleum products sold in the market as it is against the provisions of the Petroleum Industry Act ( PIA) passed by the National Assembly as well as being contrary to governmental practices globally. Engr Gbenga Komolafe in fielding questions from the Commitee members present regarding the high price of petroleum products nationwide stated that while the NUPRC is committed to and will enforce the availability of petroleum products in the market, the ultimate decision on the price of the products lies with the suppliers and marketers on a willing seller/ willing buyer basis: ‘the petroleum upstream sector is run as a private business worldwide, governments don’t get involved in running it. If we the regulator of the industry get into price fixing, it will not get us anywhere, let me be frank with you. Not only are we unwilling to do so but it will be antithetical to the provisions of the PIA which you ( the National Assembly ) asked us to implement. The PIA states that we enforce the domestic supply of petrol and issue guiding prices but the suppliers and buyers will meet, discuss and ultimately arrive at the pump price of the petrol products’ – Engr Komolafe added. However the Commitee Chair, Hon Ado Doguwa and other members present reiterated that the National Assembly is concerned about the high cost of petroleum products and it’s aggravating effects on the economy and negative impact on the citizenry and will leave no stone unturned in ensuring that the prices fall drastically in order to propel economic growth and developmental progress. Hon Doguwa therefore urged NUPRC as well as all other agencies in the petroleum sector to devise creative means and innovative ways to bring down the prices of petroleum products for the ultimate benefit of the Nigerian people.

June 28, 2024
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