The federal government has disclosed that it will no longer release guiding price bands for the sale of petrol at filling stations.
At a press briefing at the headquarters of the Petroleum Products Pricing Regulatory Agency held in Abuja, it noted that due to the new development, the downstream arm of oil and gas sector has been fully deregulated.
Responding to questions during the press briefing, Executive secretary of the agency, Abdulkadir Saidu stated that moving forward, PMS prices would be determined by the forces of demand and supply and the international cost of crude oil.
He also noted that the agency will ensure that oil marketers do not sell the petroleum products at a high price and he added that all petro dealers are also free to source for product and fix their own prices.
“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.