oil prices climb

Full deregulation in force as oil marketers now free to fix prices — PPPRA

News reaching SKYTREND CONSULTING indicates that the Nigerian Government is no longer going to be saddled with the responsibility of releasing guiding price bands for the sale of petrol at filling stations.

The implication of this is that oil marketers are now free to fix and sell at prices determined by forces of demand and supply..

The Petroleum Products Pricing Regulatory Agency(PPPRA), suspended the issuing of price guidelines for the months of August and September and declared on Tuesday that it would not provide such guiding prices anymore, adding that full deregulation was now in force.

Responding to questions from journalists during a briefing at the headquarters of the agency, the Executive Secretary, Abdulkadir Saidu, states that going forward, petrol 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 the product and fix their prices.

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1 COMMENT

  1. Hey Femi
    How are you and all yours? I trust that all is well?
    I have been far from commentary on these blogs and platforms for a while, it became difficult deciphering what was good and what was sponsored and then the many evasive and divisive social media maniacs
    As far as I am concerned you are a top notch well meaning journalist but your industry is as bad as government. It’s LL about getting paid and that is not progressive. You all should be blowing the Belgore of progress justice and fair play. Well…… what do I know??
    As for this headline? Full deregulation…..? I say I have heard this before and it’s getting increasingly stupid and annoyingly so. Kilode? Every time we talk about deregulation some group of people become extremely rich and bank funds eroded into bad debts. It creates an abnormal semblance of economic activity for the short time and a long term dock and dive whilst the heart of the economy continues to wither.
    E ma fi mekunu sile bayi????

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