The Petroleum Products Pricing Regulatory Agency (PPPRA) insists on continuing the regulation of prices of petroleum products for oil marketers.
According to the agency, the Nigerian Communications commission (NCC) controls the telecommunications sector. The Central Bank of Nigeria (CBN) regulates the financial sector. There should therefore, not be a problem with the PPPRA playing its own statutory role.
Abdulkadir Saidu, the Executive Secretary of the agency maintains that it is not worried about the protests of the marketers who want a deregulation of price bands for the pump price of the premium motor spirit or petrol in Nigeria.
The marketers are opposed to the monthly price monitoring and guiding which commenced in March 2020.
Saidu reminded the marketers that the agency established the price regulation of petrol in collaboration with the Office of the Attorney-General of the Federation and the Ministry Petroleum Resources. It aims to protect consumers from arbitrary pricing that translates to economic hardship.
Speaking on Sunday about the position of the government agency, the Executive Secretary said that:
“The Central Bank of Nigeria 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.
“To this end, it is not out of place for the agency (PPPRA) to provide a guiding price band with the aim of protecting consumers against price gagging. It is important to also state that there is nowhere in the world that deregulation means total lack of control, supervision or oversight.
He called the attention of the marketers to the fact that “the development of Guidelines for Petroleum Products Commercial Framework has been concluded and Code of Conducts for operators is currently being firmed up to reflect the present price regime.”
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