Retail price of premium motor spirit (PMS), otherwise called fuel could yet rise as the federal government has decided it is no more going to be releasing guiding price bands for filling stations.
The Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed this in Abuja on Tuesday.
This comes days after the PPPRA increased fuel pump price from N138 to N151.56 per litre, leading to most marketers adjusting to N162 per litre.
The agency which disclosed the new move through its Executive Secretary, Abdulkadir Saidu, noted that the downstream arm of the oil and gas sector had been fully deregulated.
Saidu who spoke while responding to questions from journalists during a briefing at the headquarters of PPPRA, stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.
He emphasized 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.
He said the pricing must be in accordance with the PPPRA code of conduct because “as a regulator, it is our duty to protect the consumer and operators must abide by our code.”