The Petroleum Products Pricing Regulatory Agency on Tuesday said it would no longer provide a price band at which marketers would sell petrol, The PUNCH is reporting.
According to the newspaper, the PPPRA Executive Secretary, Abdulkadir Saidu, said 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.