The downstream arm of the oil and gas sector has now been fully deregulated by the federal government, and guiding price bands for the sale of petro at fuel stations will no longer be released.
The Petroleum Products Pricing Regulatory Agency which made the announcement, said PMS price will now be determined by the forces of demand and supply and the international cost of crude oil.
Though the agency will ensure that oil marketers do not profiteer, petrol dealers are now expected to source for product and fix their price.
“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.”
