Market Forces To Now Determine Price Of Petrol, FG Reiterates

A petrol station metre in Abuja reads N125 on Thursday, March 19, 2020. Photo: Sodiq AdelakunThe price of Premium Motor Spirit , popularly referred to as petrol, will now be fully based on the forces of demand and supply, the Federal Government reiterated on Tuesday.

Speaking at a press conference in Abuja, the General Manager of the Petroleum Products Pricing Regulatory Agency , Victor Shidok, said the market is now open.However, he noted that the government will ensure customers are protected from price-gouging and other ills associated with free markets. “You could have a regulator that always stand and remain a watchdog to see how these forces are being played out, how the interest if both operators and consumers are being taken care of,” he said.

PPPRA is a Federal Government agency established in 2003 to monitor and regulate the supply, distribution and prices of petroleum products in the country.Chief Timipre Sylva said the nation has gone into full deregulation and market forces now determine the price of the product.According to Sylvia, deregulationHe added that since the announcement of full deregulation in March, the Federal Government has saved over N1 trillion.

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