Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Sunday, April 11, 2021
Home Downstream Deregulation: FG empowers marketers to fix fuel price

Deregulation: FG empowers marketers to fix fuel price

.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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

ETI appoints Fashina as Group Executive, Operations & Technology

Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group has announced the appointment of Tomisin Fashina as its new Group Executive for Operations...

Shell pays $3.243b to Nigeria’s govt in 2020

Shell, a global leading oil and gas producer on Wednesday published its 2020 Sustainability Report, its Industry Association Climate Review and its annual Payments...

Eni Makes Big Oil Find Offshore Angola

Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well has been drilled on the Cuica exploration...

DPR revokes Addax’s oil mining licenses for non-performance

.Re award licenses  to Kaztec and Salvic Consortium The Director Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, has said that DPR revoked three Oil...

Recent Comments