QUITE naturally, Nigerians rue today, as the beginning of a new year Two Thousand and Twelve A.D., as a time to dream new dreams and hope new hopes. It is an opportune moment to take a critical look at one’s life, or the life of the group during the passing year, and make necessary resolutions for a more successful, more peaceful and more prosperous new year. Sadly, Nigerians are welcoming the year 2012 amid heightened insecurity and pronounced uncertainty.
It is time again to wonder just what it is that has held this country in the throes of poverty, corruption, and social insecurity; forces that have conspired to stultify and stunt its growth across many key fronts. Nigerians are however a very hopeful people, even though the events that shaped the expired year are hardly a good enough basis for such hopes. ...Read More...
The Petroleum Products Pricing Regulatory Agency (PPPRA) has finally announced the withdrawal of petroleum subsidy, meaning Nigerians will now pay N141 per litter of petrol starting from January 1, 2012.
Full text of the statement signed by Reginald Stanley, Executive Secretary, PPPRA, reads:
PPPRA Announces Formal Removal of Subsidy on Premium Motor Spirit (PMS)
''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.