Nigeria has reported that it was reviewing the current pricing template for petrol.
The template was last adjusted four years ago, in order to correct the exploitation of Nigerians by the operators in the downstream sector.
The government stated that it was finalising the re-adjustment of cost elements and profit margins on the pricing template for marketers to reflect the current market-driven pricing regime and ensure that consumers are not overcharged.
The action was unveiled by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Saidu Abdulkadir.
He stated that the agency was also collaborating with the Ministry of Petroleum Resources and Ministry of Justice, which have put in place a regulation on petrol market-based pricing regime.