By Musa Ubandawaki, Sokoto
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reaffirmed that Nigeria’s downstream petroleum market remains fully deregulated, stressing that petrol prices are determined by market forces rather than government directives.
Speaking in Sokoto, the State Coordinator of NMDPRA, Ali Ajmi, said the authority had not received any directive from its headquarters fixing a uniform pump price for Premium Motor Spirit (PMS), also known as petrol.
Ajmi explained that under the deregulated regime, petroleum marketers are expected to source products independently and determine pump prices based on prevailing market conditions, transportation costs, supply dynamics and other operational factors.
“As it stands today, the market is deregulated and prices are determined by market forces. Companies are expected to source products and sell according to market realities. We have not received any written directive from our headquarters specifying how much marketers should sell petrol,” he said.
