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BREAKING: Full deregulation as FG discards petrol price band

United States

The Federal Government has stated that full deregulation process has commenced as it discards petrol price band.

The Petroleum Products Pricing Regulatory Agency, (PPPRA) Executive Secretary, Abdulkadir Saidu, made this known on Tuesday, September 5.

Saidu said that petrol price band would be determined by the forces of demand and supply and the international cost of crude oil.

READ ALSO: Again, PDP demands slash in fuel price

The PPPRA boss, who was represented by the agency’s General Manager, Administration and Human Resources, Victor Shidok also said that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.

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.

Daily Times recalls that the Federal government increased fuel pump price from N143.80 to N163.00. 

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Ihesiulo Grace

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