Thursday, October 29, 2020
Home News Politics FG Begins Full Deregulation, Discards Petrol Price Band

FG Begins Full Deregulation, Discards Petrol Price Band

FG Begins Full Deregulation, Discards Petrol Price Band

The Federal Government says it is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.

This was made known through the Petroleum Products Pricing Regulatory Agency, in Abuja on Tuesday.

It added that based on this, the downstream arm of the oil and gas sector had been fully deregulated.

Responding to questions from journalists during a briefing at the headquarters of PPPRA, 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 said:

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, 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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Viewed news

Former President Goodluck Jonathan Gets New Appointment

Former Nigerian president, Goodluck Ebele Jonathan has been appointed by the Economic Community of West African States, ECOWAS, as a special envoy...

Gokada Founder, Fahim Saleh Found Decapitated Next To Electric Saw.

33-year-old, Fahim Saleh, a millionaire tech CEO known as the "Elon Musk of the developing world" is dead

VIDEO: COVID-19 Might Be Airborne, Wear Face Masks – NCDC Boss Warns Nigerians

The director-general of Nigeria Centre for Disease Control, NCDC, Dr Chikwe Ihekweazu, says there are possibilities that coronavirus (COVID-19) can be transmitted...

Watch Moment A Dead Man Was Forced Out Of Casket After Refusing To Be Taken Home For Burial

A funny but yet a terrifying moment saw a corpse in Anambra state was forced out of a casket after allegedly refusing...