The Petroleum Products Pricing Regulatory Agency, PPPRA has maintained that it would continue fixing price bands for petrol in spite of opposition by oil marketers to the move.
PPPRA also said a regulation for petrol had been established in partnership with the Federal Ministry of Petroleum Resources and the Office of the Attorney-General of the Federation.
The Agency’s Executive Secretary, Abdulkadir Saidu announced this while addressing questions on the petrol pricing regime, which commenced on March 19, Since the introduction marketers had expressed worries over the issuing of monthly guiding prices for petrol.
Saidu, while responding argued that different sectors of the economy operate under the guidance of national regulators.
He also explained that the Central Bank of Nigeria, CBN regulates the banks and other financial sector operators; the Nigerian Communications Commission regulates telecommunications and the same exists for operators in Nigeria’s downstream petroleum sector.
The PPPRA Boss observed that transitioning to a fully deregulated market would come with growing pains.