The policy empowering oil marketers to fix petrol price in accordance with a market based pricing regime for petrol has been gazetted by the Petroleum Products Pricing Regulatory Agency. Then gazette was issued in March 2020, Orient Energy Review has learnt.
The PPPRA had in March this year declared that petrol price would be determined by the forces of demand and supply. It stated that the price of crude oil in the international market would to a large extent determine the cost of petrol domestically.
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Spokesperson of the agency, Kimchi Apollo, said the agency would continue to ensure that the downstream oil sector was completely deregulated to the benefit of both consumers and marketers
The Executive Secretary, PPPRA, Abdulkadir Saidu, had said the agency would continue to ensure that the downstream oil sector was deregulated in a way that both oil marketers and consumers of petrol enjoyed the benefit of deregulation.
By Chibisi Ohakah, Abuja