The Federal government has given its approval for marketers to fix the price of petrol, going forward.
This was made known by the Petroleum Products Pricing Regulatory Agency (PPPRA), which noted that the downstream segment of the oil and gas sector had been fully deregulated, adding that the price of PMS would now be determined by the forces of demand and supply and the cost of crude oil in the international market.
The Executive Secretary of PPPRA, Abdulkadir Saidu, made this known on Tuesday while fielding questions from journalists.
He, however, called for caution on the part of marketers, saying the new plan “must be in accordance with our code of conduct because as a regulator, it is our duty to protect the consumer and operators must abide by our codes.”
The Federal government increased petrol price from N143 to N161 a week ago, incurring the rage of the citizens across board.