… begins full deregulation of oil sector
The Federal Government says it would no longer provide a price band at which marketers will sell Premium Motor Spirit, popularly called petrol.
The Petroleum Products Pricing Regulatory Agency, PPRA, Executive Secretary, Abdulkadir Saidu, made this known to reporters during a briefing at the headquarters of the agency in Abuja on Tuesday.
According to Saidu, the downstream arm of the oil and gas sector had been fully deregulated following the discard of the petrol price band. He added that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.
The PPRA boss 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.