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.

Goldwater2023:
The coming days will be though

CilicMarin:
Good One Mr. President......

No Going Back To President Jonathan Tenure Where Petrol Sold For 600 Naira due to scarcity of the product...


We Good Nigerians Appreciate You, President Mohammadu Buhari...

Chidexter:


Everyday is always a tough day in naija

Goldwater2023:



Yes, but we have never had it this bad

How can the government keep messing up with prices of everything and also increasing tariffs.

Telling the masses to sacrifice for a better tomorrow whereas the leaders are not willing to slow down on their looting

OdumegwuOjukwu:
It's step in the right direction.

Full deregulation is better than all these half measure controls and subsidy.

GamalNasser:
As I predicted again earlier on another thread the Naira has fallen today again and the price of fuel will have to go up or Buhari will need to start paying subsidy again by Monday ..this announcement is a face saving measure from the embarassment of another fuel increase just one week after the last was done .. well Nigerians should be ready to buy fuel at about 220 before December

omenka:
True.

baralatie:

exchange rate and demand of product

ogododo:


This could have been done in 2012, but na hatred una sabi

omenka:
Get the fvck out of my sights. Go lean on another shoulder to cry over your loss of yesteryear.

I get irritated seeing all you emotional kids rant and rave over the past, same thing you tend to forbid others from doing.

omenka:
True.

Only problem is, I don't trust the government enough to believe they wont up and announce they've spent xyz again on same subsidy tomorrow.

ogododo:


No just enter Warri or Effurum

OdumegwuOjukwu:


That's the problem, otherwise deregulation is a smart move. Subsidy only benefit a few, and creates avenue for smuggling.

It is because of subsidy that Nigeria has realized the benefit of an oil producing nation. Too much money wasted subsiding consumption and corruption.