Oil and gas downstream sector fully deregulated

Post created on 10:49 am

The Federal Government will no longer be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.

PPPRA, Executive Secretary, Abdulkadir Umar Saidu, stated this while responding to questions from journalists during a briefing in Abuja stating that the downstream arm of the oil and gas sector had been fully deregulated.

According to him PMS Price would be determined by the forces of demand and supply and the international cost of crude oil.

He, however, noted 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.