Timipre Sylva, the minister of state for petroleum resources, says the federal government will continue to determine the price of petrol because of the need to protect the public from exploitation.
In a statement released on Friday, Sylva said the federal government has decided to monitor the pump price of petrol despite the deregulation.
Sylva said the government will act as a shield for consumers through the Petroleum Products Pricing Regulatory Agency (PPPRA).
“The PPPRA will use its price modulation mechanism to engender a market-driven price regime,” the statement read.
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“I am not just announcing deregulation today and let us understand ourselves about deregulation. Deregulation was approved on March 19, this year but as you all know, PMS and other petroleum products are very strategic commodities, so you cannot allow the prices of these commodities to be determined wholly by the marketers.
“Anywhere in the world, if you want to but anything, you have what is called the recommended retail price, the consumer protection agency would fix a price so that nobody can profiteering ordinately from the people.”
The statement added that despite the coronavirus pandemic disruptions, the petroleum industry in Nigeria is planning ahead to ensure a rewarding future for stakeholders.
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