By Christian Jonathan (NASS).
The House of Representatives Committee on Petroleum Resources (up stream) on Thursday meet with the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr. Gbenga Komolafe and brainstorm on the unilateral price control of the oil and gas as well as fixing a stable price for the Premium motor spirit otherwise known as fuel in the market.
The Chairman of the committee Hon. Alhassan Ado Doguwa stated this at the committees meeting yesterday in Abuja.
According to him, the citizens are facing hardship in every aspect of their lives by which the worst is that of oil and gas .
The Federal Lawmakers also emphasized on the need to explore collaborations in other to enforce price regulations and control in order to lessen the hardship faced by the people .
Hon.Doguwa explained that the statutory of the upstream commission is to ensure compliance to petroleum laws regulations and guidelines of the oil and gas
Saying the situation in the market is unbearable where prices of Petro and gas are different in the market space .
Responding ,the Chief Executive officer of the Nigerian Upstream regulatory commission ,Engr. Gbenga Komolafe stated that ,every where in the world the upstream market is run by the private sector and government doesn’t interfere in their business .
According to him,the commission is constrained with fixing prices of oil and gas which is not going to led any where” what I am saying is that as a regulatory body , fixing prices for PMS and gas is not going to led us anywhere ,even though we have done it but it is a task before us ,said Komolafe.
The CEO stated that the provisions of the Nigerian Petroleum industry act (PIA) states clearly that the act seeks to provide legal governance and regulations as well as fiscal frame work for the act .
He said fixing the prices of oil and gas will be in accordance to the provisions of the PIA act including that of regulations and reforms .
He added that even though the prices are fluctuating ,increasing competition from the sector by oil producers will reduce the price of oil and gas and will move the economy forward.
The Nigerian Upstream Petroleum Regulatory Commission was set up to serve as the primary regulatory authority ,responsible for overseeing the upstream sector including exploration ,production and development of the oil and gas resources
