Federal Government of Nigeria has fully deregulated the downstream arm of the oil and gas sector as the country henceforth, hands off releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.
The Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed this while fielding questions from journalists during a briefing at the headquarters of PPPRA in Abuja.
The agency’s Executive Secretary, Abdulkadir Saidu, stated that henceforth, 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.
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.
The hike in petrol pump price is still being greeted with an uproar in Nigeria.
Various sections of Nigerians are protesting and some are threatening a lockdown of the nation’s economy over the hike in this difficult time.
The Governor of Jigawa State hinted that Governors will soon meet President Muhammadu Buhari to seek solution to the lock jam.