Subidy removal: We won’t place price cap on fuel price – FG

The Federal Government has said thst it would not place any price cap on the sale of petroleum products in the country.

The Chief Executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, made this known Tuesday night while speaking to journalists at the Presidential Villa, Abuja, after a meeting with President Bola Tinubu in his office.

Ahmed said the Federal Government would not cap the oil price, appealing to marketers to open their petrol stations and depots and sell to the public as they will soon get government’s directive from the NNPCL.

“I cannot tell you the exact price because the market is deregulated. Therefore, it is going to be based on delivery. The NNPCL will tell all the companies their transfer price which will translate into what the pump price will be”, the NMDPRA CEO explained.

He assured that the authority and the Federal Competition and Consumer Protection Commission (FCCPC) will make sure that consumers are not taken advantage of.

He said the authority was ready to issue licenses to interested persons to ease the burden on NNPCL being the sole importer of PSM.

According to Ahmed, the criteria for importing fuel will be the same as those importing import kerosene and diesel.

“There are a lot of conditions to be met before you are given licence to import patrol. I cannot give you all of them now. But there are the same conditions to import Kerosene and diesel, the same condition you will meet to import premium motor spirit”, he stated.