The Petroleum Products Pricing Regulatory Agency, PPPRA, has reaffirmed its stand on giving guidelines for fuel price to oil marketers.
According to the agency, if the likes of the Central Bank of Nigeria (CBN) can regulate all banks, financials sectors under its supervision, and as well the Nigerian Communications Commission, NCC, could regulate the telecommunications, it shouldn’t be a problem if the same is done in the Nigerian petroleum sector.
Speaking on Sunday, June 28, the Executive Secretary of the PPPRA, Abdulkadir Saidu, stated that the agency is not threatened by the opposition of oil marketers on fixing price bands for premium motor spirit known as petrol in the country.
According to the secretary, the sector has established a regulation on the PMS in collaboration with the Federal Ministry of Petroleum Resources and the Office of the Attorney-General of the Federation.
Naija News understands that marketers had expressed their dissatisfaction over the PMS monthly guiding prices which began in March 2020.
Reacting to marketers expression, Saidu stated categorically that different sectors in the country operate under the guidance of national regulators. He 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.”
The PPPRA noted that the aim of the pricing regulations was to free the oil market of all encumbrances to investment and growth, and should not be misinterpreted.
He added, “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,”
Saidu reiterated that transitioning to a fully deregulated market would come with growing pains.
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