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Market to dictate petrol price now, says NMDPRA

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The Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, on Friday, explained that with the removal of subsidy, the market will dictate the pump price of Premium Motor Spirit, known better as petrol.

Addressing a press conference in Abuja, Ahmed said that market forces would henceforth dictate prices under the liberalised market.

“As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price; in a deregulated market, it is the market force that dictates the price,” he said. He added, “So, it is not about the Nigerian National Petroleum Company Limited alone. We put the regulation in place, we make sure quality control is complied with, we make sure the product is there and we give licence to prospective importers.

“We make sure we guide the operations of everyone in the sector whether at the depot or wherever the product is but we will not put a cap to say this is what the price must be,” he said.

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