The Nigerian government will henceforth cease to issue price band for the sale of petrol at filling stations, the Petroleum Products Pricing Regulatory Agency (PPPRA) said Tuesday.
It made the declaration in Abuja, saying the downstream segment of the oil and gas industry had been fully deregulated in light of the development.
Abdulkadir Saidu, the PPPRA Executive Secretary, while responding to questions from newsmen at the agency’s headquarters, said the price of petrol would be determined by the forces of demand and supply as well as the international cost of crude oil.
He stated that PPPRA’s role would be to prevent profiteering activities among fuel marketers given that every petrol dealer was now at liberty to source the product and fix their prices.
“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,” he said.
Saidu, who was represented by PPPRA’s General Manager, Administration and Human Resources, Victor Shidok, said fuel marketers were not importing fuel at the moment owing to foreign exchange scarcity.
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