Following the ongoing reform in the down stream sector of the petroleum industry, the Petroleum Products Pricing Regulatory Agency (PPPRA) saved N1.09 trillion on fuel subsidies paid to marketers that imported products last year.
The Executive Secretary of PPPRA, Reginald Stanley, made this known yesterday in Lagos while fielding question from reporters.
He said as a result of the stringent measures and controls applied in the petroleum products marketing and distribution arm of the oil industry, the agency was able to contain subsidy payment to N1 trillion as against N2.09 trillion spent in 2011.
He said the PPPRA, like any other industry regulator, is like the final arbiter when it comes to any of the sectors that are being regulated. Read more