The Petroleum Products Pricing Regulatory Agency (PPPRA) on Tuesday clarified that the monthly petrol pump price advisory to marketers would no longer be given as the sector is now fully deregulated.
The agency said marketers are responsible for the pump price of the product following Federal Government’s decision to end subsidy on premium motor spirit.
“If we give you the price band for this month, it is like price fixing”, the agency added.
The Executive Secretary of PPPRA, Saidu Abdulkadir who spoke through, the General Manager, Administration and Human Resources, Mr Victor Shidok explained that the price of petrol would now be determined like any other petroleum product such as diesel and kerosene.
Petroleum marketers had last week adjusted the pump price of petrol from N148 per litre to N160 per litre following a memo from the Pipelines and Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) that raised ex-depot price to N151.56.
Speaking at a press briefing in Abuja, Abdulkadir assured Nigerians that the agency would monitor the marketers to check profiteering.
He said: “The PPPRA as a regulator will continue the role of a watchdog in this deregulation regime. We will continue to maintain our role as a regulator and ensure that Nigerians are not short changed in any way in this process.
“You know how things are globally with the impact of Covid-19 to the global oil market. Accessing forex remains a challenge for marketers.
“We are hopeful that in a few months to come, Nigerians will understand what government is doing to stabilise the downstream sector”, he said.
Abdulkadir said that the agency would continue to monitor the code of conduct that guides operation of marketers in the industry and ensure that it was not violated.
He reiterated that government was no longer in business of fixing the pump price of petrol but would monitor marketers to avoid profiteering.
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