Petroleum Products Pricing Regulatory Agency (PPPRA) has announced that the Federal Government will no longer be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.
The FG disclosed this in Abuja through the PPPRA on Tuesday, September 7 adding that based on this, the downstream arm of the oil and gas sector has been fully deregulated – the removal of regulations or restrictions, especially in the industry.
The agency’s Executive Secretary, Abdulkadir Saidu, 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.
The PPPRA boss, who was represented by the agency’s General Manager, Administration and Human Resources, Victor Shidok, also confirmed that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.
This comes few days after the Petroleum Products Marketing Company (PPMC) announced N151.56 as the ex-depot price.
Read Also: Breaking: Petrol Pump Price Increases From N143.80 To N151.56 Per Litre
The news has however been met with criticisms from many Nigerians who took to social media to decry the move.
Others have also condemned the increase of fuel price through physical protest actions in different parts of the county.
