PETROL MARKETERS CAN NOW FIX THEIR PRICES

The Federal Government, through it's NNPC subsidiary- PPPRA will no more be releasing guiding price bands for the sale of petrol at filling stations; meaning, that oil marketers are now free to fix prices.

On March 19, 2020, the government, through the Petroleum Products Pricing Regulatory Agency, commenced what it termed a petrol pricing regime, which did not speak well of a deregulated downstream oil sector.  But as at yesterday the PPPRA said it would no more be involved in price fixing. Although the  PPPRA remains the regulator in the downstream sector of the country's oil industry, the difference now is it does not indicate a particular  price that oil marketers must sell their petroleum products.