PPPRA steps back as oil marketers get go-ahead to fix retail petrol price
Saidu, who was represented by Victor Shidok, PPPRA general manager for administration and human resources, also said the agency would remain the regulator to ensure that oil marketers do not cheat consumers.
The Petroleum Products Pricing Regulatory Agency (PPPRA) says it would no longer provide a price band at which marketers will sell petrol, the PUNCH reports.
The newspaper quotes Abdulkadir Saidu, PPPRA executive secretary, as saying the retail price of petrol would henceforth be determined by demand and supply of the commodity and the international price of crude oil.
With this move, it means that the downstream sector of the oil industry has been fully deregulated.
Saidu, who was represented by Victor Shidok, PPPRA general manager for administration and human resources, also said the agency would remain the regulator to ensure that oil marketers do not cheat consumers.
“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.
Saidu was also quoted to have said independent marketers have not begun to import refined petroleum products because of the scarcity of foreign exchange.
In March, the federal executive council approved that the pump price of petrol is modulated in line with happenings in the global oil market.
At the time, it said this was a step in deregulating the downstream sector as the Nigerian National Petroleum Corporation (NNPC) would no longer absorb the difference between the landing cost and the pegged retail price.
NEWS: VIDEO: BBNaija 2020: Erica is weak; she uses jazz on Laycon – Vee
NEWS: Lady dies after falling into dam while posing for photos
NEWS: Aisha Buhari angry over daughter’s wedding cartoon, speaks on crowd at Aso Villa
NEWS: PHOTOS: Fayose Leads Southwest PDP State Chairmen to Secondus in Abuja
NEWS: BBNaija Lockdown: Erica opens up on relationship with Laycon
Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.
To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732
FOLLOW US ON GOOGLE
