The Federal Government has commenced the full deregulation of the downstream oil sector as it declared Tuesday that it is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.
It disclosed this in Abuja through the Petroleum Products Pricing Regulatory Agency (PPRA),adding that based on this, the downstream arm of the oil and gas sector had been fully deregulated.
Responding to questions from journalists during a briefing at the headquarters of PPPRA, the agency’s Executive Secretary, Abdulkadir Saidu, stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.
-Punch
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