The Federal Government will no longer determine guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.
The Petroleum Products Pricing Regulatory Agency revealed this in Abuja today, and added that the downstream arm of the oil and gas sector had been fully deregulated.
During a Press 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.
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“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.