The federal government has kicked off full deregulation of the downstream arm of the oil and gas sector, guiding price bands for the sale of petrol at fuel stations will no longer be released.
Omsnews gathered that petrol dealers are now expected to source for product and fix their price.
PMS price will now be determined by the forces of demand and supply and the international cost of crude oil, the Petroleum Products Pricing Regulatory Agency revealed in an announcement to the public as it discloses it will ensure that oil marketers do not profiteer.
“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.” PPPRA Executive Secretary, Abdulkadir Saidu said.
Meanwhile, the federal government has halted subsidy on Premium Motor Spirit aka petrol. Minister of State for Petroleum Resources, Timipre Sylva, announced this on Thursday 3, September. He said the decision was in line with the deregulation of the downstream oil sector.
Sylva, in a statement, noted that the move would boost the economic growth and development of Nigeria.