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Full deregulation of oil and gas downstream sector kicks off, marketers now to source, fix petroleum products prices

To make meaning of it’s deregulation policy, the Federal Government is no more going to be fixing the price of Premium Motor Spirit (PMS) popularly called petrol.

This was disclosed in Abuja on Tuesday through the Petroleum Products Pricing Regulatory Agency (PPPRA) which stated that based on this, the downstream arm of the oil and gas sector had been fully deregulated.

PPPRA’s Executive Secretary, Abdulkadir Saidu who spoke for the Agency stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.

He noted that petrol dealers were henceforth free to source for products and fix their prices.

“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.

Represented by the Agency’s General Manager, Administration and Human Resources, Victor Shidok, the PPPRA boss also confirmed that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.

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