The Federal Government has announced that full deregulation process has commenced as it discards the petrol price band.

The Petroleum Products Pricing Regulatory Agency, (PPPRA) Executive Secretary, Abdulkadir Saidu, made this known on Tuesday, September 5.

Saidu said that petrol price band would be determined by the forces of demand and supply and the international cost of crude oil according to PUNCH. 

However, he noted that the role of the agency would be to ensure that oil marketers do not profiteer, as every petrol dealer was, henceforth free to source for product and fix their price.

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Saidu stated: “This, however, must be in accordance with our code of conduct because as a regulator, it is our duty to protect the consumer and operators must abide by our codes."

The PPPRA boss, who was represented by the agency’s General Manager, Administration, and Human Resources, Victor Shidok, revealed that oil marketers were not currently importing petrol because of the scarcity of foreign exchange.

The Federal government had increased fuel pump price from N143.80 to N163.00.