Audrey Lotechukwu
FRI, MAY 15 2020-theG&BJournal- The Minister of State for Petroleum Resources, Timipre Marlin Sylva said Thursday at a media briefing, that the Federal Government’s role in a deregulated environment was to provide a shield for the teeming consumers through its price modulation mechanism to engender a market-driven price regime.
He gave the explanation as part the justification to why the government is still playing a huge role in determining the price of petrol pump price while announcing at the same time that the sector has been deregulated.
He explained that the need to protect the generality of the public from ‘’undue exploitation and prevent inordinate profiteering by oil marketers has made it mandatory for the Federal Government to keep close monitor of the price of Premium Motor Spirit (PMS) which currently stands deregulated.’’
According to the Minister, the Petroleum Products Pricing Regulatory Agency (PPPRA) would work closely with marketers in this regard to ensure that the best pricing is achieved.
‘’You cannot allow the prices of these commodities to be determined wholly by the marketers,’’ the Minister said.
To back up the Federal Government reasons, the Minister said, ‘’anywhere in the world, if you want to buy anything, you have what is called the recommended retail price, the consumer protection agency would fix a price so that nobody can profiteer inordinately from people.’’
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