The Federal Government is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol , at filling stations .
It disclosed this in Abuja through the Petroleum Products Pricing Regulatory Agency , adding 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 , 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 Sunday PUNCH’ s report that oil marketers were not currently importing petrol because of the scarcity of foreign exchange .
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