By Tanko Mohammed
The Petroleum Products Pricing Regulatory Agency (PPPRA) has reassured Nigerians that deregulation of the downstream oil sector was in the best interest of Nigeria.
The Executive Secretary of the Agency, Mr Saidu Abubakar, told reporters in Abuja on Tuesday that the current increase in the pump price of the Premium Motor Spirit ( PMS) hinged on the global market and availability of forex to marketers.
Represented by Mr Victor Shidok, General Manager Admin and Human Relations, he said many marketers were yet to start importation of products due to non-availability of Foreign Exchange.
He added that though the Petroleum Products Marketing company( PPMC), a subsidiary of the Nigerian National Petroleum Corporation (PPMC) remained the sole importer of the product, the PPPRA would continue to monitor development to avoid profiteering by marketers.
“The PPPRA as a regulator will continue the role of a watchdog in this deregulation regime. We will continue to maintain our role as a regulator and ensure that Nigerians are not short changed in any way in this process.
“We are hopeful that in few months to come, Nigerians will understand what government is doing to stabilise the downstream sector,” he said.
He said that the agency would continue to monitor the Code of conducts that guides operation of marketers in the industry and ensure that it was not violated.
He noted that Government is making effort to ensure that local production of crude to help reduce over dependence on importation and the challenge of FOREX.
On price fixing of the pump price of Petrol, he reiterated that Government was no longer in business of fixing prices but would monitor marketers to avoid profiteering.
He explained that the agency might not be able to provide monthly price band for the product as it might contradict the deregulation policy.
