Market Forces To Now Determine Price Of Petrol, FG Reiterates

  • 📰 channelstv
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 7. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FG Begins Full Deregulation, Says Market Forces to Determine Fuel Price - THISDAYLIVEBy Emmanuel Addeh The Petroleum Products Pricing Regulatory Agency (PPPRA) Tuesday announced that it was no longer involved in the fixing of the pump price of petrol, disclosing that the interplay of market forces and not the organisation now determines how much Nigerians buy the product. The agency noted, however, that it will continue to …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »

Deregulation, Market Forces And The Common Man! | Leadership NewspaperDeregulation, Market Forces And The Common Man! Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.
Source: LeadershipNGA - 🏆 4. / 77 Read more »

Rivers traders, police clash over spare parts market demolition
Source: MobilePunch - 🏆 8. / 63 Read more »

Naira loses against dollar at the parallel market - The NationBarely 24 hours after the Central Bank of Nigeria (CBN) resumed dollar sales at the Bureau De Change (BDC) sector, the..
Source: TheNationNews - 🏆 6. / 69 Read more »

Naira closes at N435 to dollar at parallel marketThe Naira on Monday gained N5 to close at N435 to the dollar at the parallel market in Lagos. The
Source: PremiumTimesng - 🏆 3. / 78 Read more »