The Petroleum Products Pricing Regulatory Agency on Sunday insisted that it would continue fixing price bands for petrol despite opposition by oil marketers to the move.
It also declared that a regulation for Premium Motor Spirit, popularly called petrol, had been established in collaboration with the Federal Ministry of Petroleum Resources and the Office of the Attorney-General of the Federation.
The Executive Secretary, PPPRA, Abdulkadir Saidu, disclosed this while addressing questions on the PMS pricing regime, which commenced on March 19, 2020.
Since the introduction of the regime, marketers had expressed concerns over the issuing of monthly guiding prices for petrol.
Responding to this, Saidu argued that different sectors of the economy operate under the guidance of national regulators.
Saidu noted that while the market-based pricing regime was a policy introduced to free the market of all encumbrances to investment and growth, it should not be misconstrued to mean a total abdication of government’s responsibility to the sector and citizenry.