BREAKING: Nigeria Takes Hands Off Petrol Price Band As It Begins Full Deregulation—-The Federal Government of Nigeria going forward, will no longer be releasing guiding price bands for the sale of Premium Motor Spirit (PMS), popularly called petrol, at filling stations.
During a briefing at the headquarters of PPPRA, responding to questions from Journalists, 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.
The PPPRA would ensure that oil marketers do not profiteer, as every petrol dealer was, henceforth free to source for product and fix their price. It is our duty to protect the consumer and operators must abide by our codes,” Saide said.
Victor Shidok, the General Manager, Administration and Human Resources who represented the PPPRA boss also confirmed that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.
