By Adedapo Adesanya
President Muhammadu Buhari has approved the appointment of Mr Atuonwo Obinna as Chairman of the Petroleum Product Pricing Regulatory Agency (PPPRA).
This was contained in a statement signed by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, made available to newsmen in Abuja.
Mr Adesina said the President also approved the reappointment of the agency’s Executive Secretary, Mr Abdulkadir Saidu, for another four years.
According to him, the appointment of Mr Obinna as PPPRA Chairman for a four-year term is in accordance with Section 2 (1-3) and 3 (a) of the Petroleum Product Pricing Regulatory Agency (Establishment, ETC) Act 2003.
“President Muhammadu Buhari has approved the appointment of a Chairman, and an Executive Secretary for the Petroleum Product Pricing Regulatory Agency (PPPRA).
“The Chairman is Mr Atuonwo A. Obinna, while the Executive Secretary is Mr Abdulkadir Saidu, reappointed for another four years.
“The appointment of Mr Atuonwo Obinna as Chairman Governing Board for a four-year term is in accordance with Section 2 (1-3) and 3 (a) of the Petroleum Product Pricing Regulatory Agency (Establishment, ETC) Act 2003,” the statement read.
PPPRA was established in 2003 by the Obasanjo administration. The organisation is tasked with the responsibility to attain a strong, vibrant downstream sub-sector of the petroleum industry, where refining, supply, and distribution of petroleum products are self-financing and self-sustaining.
Its major functions include determining the pricing policy of petroleum products; regulate the supply and distribution of petroleum products; and create an information databank through liaison with all relevant agencies to facilitate the making of informed and realistic decisions on pricing policies.
The agency also oversees the implementation of the relevant recommendations and programmes of the federal government as contained in the Report of the Special Committee on the review of the Petroleum Products Supply and Distribution.
It also moderates volatility in petroleum products prices, while ensuring reasonable returns to operators and establish parameters and codes of conduct for all operators in the downstream petroleum sector.
