• April 17, 2021

Forces Of Demand/Supply To Now Determine Price Of Petrol – FG

By Lillian Ogbonna (AGENDAWATCHDOG) – The price of Premium Motor Spirit (PMS), popularly referred to as petrol, will now be determined by the forces of demand and supply, according to the Federal Government, which restated this on Tuesday.

According to the the General Manager (Admin and Human Resources) of the Petroleum Products Pricing Regulatory Agency (PPPRA), Victor Shidok,  who disclosed this during a media chat in Abuja, the market was now open, adding that the price of the product will now be based on bargaining power; that is, “where you source your products”, promising, however, that customers would be shielded from malpractices and abuses associated with open markets.

PPPRA is a Federal Government agency established in 2003 to monitor and regulate the supply, distribution and prices of petroleum products in the country.

Following the full deregulation of the petroleum sector, as announced by the Minister of State for Petroleum Resources, Chief Timipre Sylva, last Thursday, the price of petrol has subsequently shot up.

Agenda Watchdog

Read Previous

Nigerian News: 10 Must-Read News Items This Wednesday Morning

Read Next

Edo 2020: Invite Captain Hosa Okunbor For Questioning – PDP To Security Agencies