.Says PMS price to be determined by international cost of crude oil, market forces
The Federal government through the The Petroleum Products Pricing Regulatory Agency (PPPRA) has empowered the oil marketers to henceforth fixing the price of petrol.
The agency said that it would no more releasing guiding price bands for the sale of Premium Motor Spirit (PMS), popularly called petrol to the oil marketers at filling stations.
Rather, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.
Speaking in Abuja during a briefing at the headquarters on Tuesday, PPPRA, the agency’s Executive Secretary, Abdulkadir Saidu, said hence, the downstream arm of the oil and gas sector had been fully deregulated.
Represented by his General Manager, Administration and Human Resources, Victor Shidok, Saidu 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.
The state-run Nigerian National Petroleum Corporation is the sole importer of petrol as oil marketers are currently not importing petrol due to scarcity of foreign exchange.