Govt to give guiding retail price for petroleum products to oil marketers-PPPRA (Video)
The Nigerian government has said that it will give guiding retail prices to oil marketers at which petroleum products will be sold across the country.
This follows the recent deregulation of the downstream sector of the oil industry and the removal of fuel subsidy by the Federal Government.
The General Manager, Admin, and Human Resources Petroleum Products Pricing and Regulatory Authority, PPPRA, Victor Shadok, disclosed this in Abuja on Tuesday.
He, however, added that the prices of petroleum products would majorly be dependent upon foreign exchange, FOREX, and probably the price of oil at the international market as well as the law of demand and supply.
In the meantime, marketers including the government-owned Nigeria National Petroleum Corporation, NNPC, have been selling petrol at a retail price of between N151 and N160 per litre, since last week Wednesday when the government announced the deregulation.
The Presidency had justified the increases saying continued subsidization of both petroleum and electricity products does not benefit the ordinary Nigerian.
Since the deregulation of the downstream petroleum sector and the hike in electricity tariff last week, Nigerians have risen up in condemnation of the government action. Already, student bodies and some organized groups have been protesting in some parts of the country over the price hike.
