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BREAKING: FG finally discards Petrol price band

... begins full deregulation of oil sector

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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, who was represented by Victor Shidok, PPPRA General Manager for Administration and Human Resources, the downstream arm of the oil and gas sector had been fully deregulated following the discard of the petrol price band.

He also revealed 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.

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3 Comments

  1. What you are saying is a rant nonsense. What need for the control ? Who gave permission to import. During the war Biafran were producing petrol fully localized why today with the rate of technology Nigeria is unable to produce fuel. That is worst corruption and inhumanity against the masses of this country.

  2. Nigeria government have failed the people from day one,no structure and equal right to protect the masses, I don’t want to go forward for Nigeria is a sinking ship and needs urgent dismantlement, for Christ sake we re oil producing country we can’t be compared with other Africa country’s.

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