The Nigerian Government has said that the price of Premium Motor Spirit popularly known as petrol will no longer be determined by government but by the forces of demand and supply.
Executive Secretary of Petroleum Products Pricing Regulatory Agency, Abdulkadir Saidu, made this known on Tuesday while fielding questions from journalists.
He, however, called for caution on the part of marketers, saying this new plan “must be in accordance with our code of conduct because as a regulator it is our duty to protect the consumer and operators must abide by our codes”.
Recall that the Nigerian Government increased petrol price from N143 to N161 a week ago, leaving citizens fuming with rage.
