The ensuing dialogue that followed FG’s announcement of oil and gas deregulation has brought with it many revelations. One of which is how this pseudo regulation is void as long as they do not repeal two laws. Israel Aye, Senior Partner- Energy & Commercial Contracts nudged our attention to Sections 6(1) of the Petroleum Act and 4(1) of the Price Control Act.
As of March 2020, the federal government (FG) decided it was deregulating the oil sector. Mixed reactions and scepticism followed this announcement, and rightly so as the June template from the Petroleum Products Pricing Regulatory Agency (PPPRA) still shows allocation to the Bridging Fund. And the icing on the cake, Mr Sylva’s explanation of deregulation to mean marketers, still could not determine prices. Counterintuitive, some might say, which begs the question, did the government truly deregulate oil and gas? If yes, why then is the PPPRA still functioning under the same mandate?
For candidates vying for the Edo State governorship position, slated for September 19, less than 40 days away this month represents an important phase in the race to be at the helm of affairs.
