Price of fuel set to rise again as Nigeria begins full deregulation

Price of fuel set to rise again as Nigeria begins full deregulation.

Price of fuel set to rise again as Nigeria begins full deregulation.

Retail price of fuel, premium motor spirit (PMS), could yet rise as the federal government of Nigeria has decided it is no more going to be releasing guiding price bands for filling stations.

This was disclosed on Tuesday in Abuja by the Petroleum Products Pricing Regulatory Agency (PPPRA).

This comes days after the PPPRA increased fuel pump price from N138 to N151.56 per litre, leading to most marketers adjusting to N162 per litre.

Abdulkadir Saidu, the Executive Secretary of the agency who disclosed this, noted that the downstream arm of the oil and gas sector had been fully deregulated.

The Executive Secretay who spoke while responding to questions from journalists during a briefing at the headquarters of PPPRA, stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.

Saidu emphasized 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.

According to him, the pricing must be in accordance with the PPPRA code of conduct because “as a regulator, it is our duty to protect the consumer and operators must abide by our code.”