The Federal Government has announced on Tuesday that it will no longer be releasing guiding price bands for the sale of Premium Motor Spirit [petrol] for petroleum products marketers.
This was disclosed by the Federal Government’s agency, the Petroleum Products Pricing Regulatory Agency (PPPRA) while responding to questions from journalists during a briefing at the headquarters of PPPRA.
During the press statement, PPPRA said that based on the new decision, the downstream arm of the oil and gas sector had been fully deregulated.
PPPRA Executive Secretary, Abdulkadir Saidu announced 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 agency will ensure that oil marketers do not profiteer on consumers.
He said: “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.”
The PPPRA boss was represented by the agency’s General Manager, Administration and Human Resources, Victor Shidok.
He noted, meanwhile, that based on the latest development, every petrol dealer will, henceforth, source for product and fix their price.
More details later…
