“That is why we have a regulator to determine the price, bearing in mind what it takes the marketers to import the products, allowing for some profits and ensuring that the consumers are also protected.”
Government had accused marketers of keeping prices of diesel and kerosene high despite the reduction in the price of crude oil at the international market.
Sylva also confirmed that President Muhammadu Buhari approved oil licensing, starting with a marginal bid round and a major bid round before the end of this year. “It is the government’s responsibility to protect consumers. Anywhere in the world, there is the recommended retail price.
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