Mr Wale Oluwo, the Lagos State Commissioner for Energy and Mineral Resources, on Tuesday said the Petroleum Products Pricing Regulatory Agency (PPPRA) has no business operating in the downstream oil sector, Daily Trust reports.
Oluwo said this while speaking at a Breakfast Business Lecture organised by the Island Club in Lagos tagged: “Petroleum Industry Bill: Challenges and Opportunities’’. The commissioner, who was the chief host, said that the agency has no business regulating the price of petroleum products.
He said the issue of regulating the downstream sector would be addressed by the recently passed Petroleum Industry Governance Bill (PIGB) by the Senate. He said the Federal Government has been regulating the price so that the rich would take advantage of the masses which he said was not correct.