The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that in view of the removal of petrol subsidy, market forces will now be used to determine price. It said because the market is now deregulated, it will no longer fix prices or release templates for petrol prices. The Authority Chief Executive (ACE), Engr Farouk Ahmed, explained that under the liberalized market, market forces are allowed to dictate prices. “The market is now open for everybody that wants to import as far as they meet all the requirements. As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price.

Source: Nigerian Tribune June 04, 2023 21:05 UTC