Henceforth, the forces of demand and supply will determine the price of petrol in Nigeria. The Federal Government will no longer issue guidelines for price bands.
The Petroleum Products Pricing Regulatory Agency (PPPRA), disclosed this in Abuja on Tuesday, while confirming that the downstream sector of the oil and gas industry has now been fully deregulated.
Responding to questions from journalists during a briefing at the headquarters of PPPRA, the agency’s Executive Secretary, Abdulkadir Saidu, stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.
He, however, noted that the role of the agency would be to ensure that oil marketers do not profiteer, as every petrol dealer was, henceforth free to source for product and fix their price.
“This, however, must be in accordance with our code of conduct because as a regulator, it is our duty to protect the consumer and operators must abide by our codes,” Saidu stated.
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