The President Mubammadu Buhari administration has announced that Nigeria's downstream oil sector has been deregulated. Minister of State for Petroleum Resources, Timipre Sylva, spoke on Thursday at a ministerial briefing. He noted that the reduction in the pump price of the Premium Motor Spirit aka petrol two months ago was deregulation. The cost of PMS
The President Mubammadu Buhari administration has announced that Nigeria’s downstream oil sector has been deregulated.
“I am not just announcing deregulation today. Deregulation took effect on March 19, Fortunately, we have completely deregulated the product supply system, so we took out subsidies from PMS”, NAN quoted him as saying. Sylva noted that the Petroleum Products Pricing Regulatory Agency pricing regulation was strategic as the government would not allow the marketers to determine the price.
Sylva noted that the regulator would always determine product cost, but would give dealers space to make profit and ensure consumers were protected.
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