Breaking: FG begins full implementation of petrol deregulation

The Federal government has disclosed it’s readiness to deregulate Premium Motor Spirit (PMS), otherwise known as petrol, saying that it would.no.more be releasing guiding price bands.

The government by the development has washed off its hands from determining the pump price of petroleum at filling Stations asnit used to do through the Petroleum Products Pricing Regulatory Agency.

The disclosure was made through onTuesday by the Executive Secretary of PPPRA, Abdulkadir Saidu, adding that based on this, the downstream arm of the oil and gas sector had been fully deregulated.

He stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil, whereby filling station owners are to determine pump price.

Abdulkadir maintained that petroleum dealers would be checked against profiteering by the Regulatory agency.

“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 report that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.