The Federal Government on Sunday denied removing fuel price cap, an action purportedly giving oil marketers the freedom to determine fuel pump price.
The Petroleum Products Pricing Regulatory Agency (PPPRA) clarified, contrary to reports in some sections in the media, that government had not conferred on marketers the power to fix prices for petrol as they deem fit.
PPPRA’s Executive Secretary, Abdulkadir Saidu, pointed out that “rather guiding prices would be advised by the agency according to market realities.”
He hinted that the agency shall monitor market trends and advised the NNPC and oil marketing companies on the monthly market-based guiding price, which shall include the indicative retail price at which the product shall be sold across the country.
“For the avoidance of doubt, it is instructive to state that no private individual or group, has the mandate to fix prices of petroleum products, however the statutory regulatory body is saddled with the responsibility of advising guiding prices”, the PPPRA executive secretary said.
