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Despite the negative feedback from oil marketers, the Petroleum Products Pricing Regulatory Agency (PPPRA) has said that it would continue to "provide a guiding price band."
In a statement issued by the agency's Executive Secretary, Abdulkadir Saidu, the move is aimed at "protecting consumers against price gouging."
He also stated that the regulation of petrol formally known as Premium Motor Spirit (PMS) will be regulated in conjunction with the Office of the Attorney-General of the Federation and the Federal Ministry of Petroleum Resources.
Saidu said, “The Central Bank of Nigeria regulates the banks and other financial sector operators; the Nigerian Communications Commission regulates telecommunications and the same exists for operators in Nigeria’s downstream petroleum sector.
“To this end, it is not out of place for the agency (PPPRA) to provide a guiding price band with the aim of protecting consumers against price gouging.
“It is important to also state that there is nowhere in the world that deregulation means total lack of control, supervision or oversight.
“In accordance with the above, the development of Guidelines for Petroleum Products Commercial Framework has been concluded and Code of Conducts for Operators is currently being firmed up to reflect the present price regime."
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