Let us not celebrate illegality.”Iledare also questioned the agency’s power to issue such regulation, as the Executive Secretary was only empowered to advise the Minister of Petroleum on petroleum product pricing. And if marketers can sell products at market price, dictated mostly by crude oil price, exchange rate and margin, PPPRA and PEF may have no role. You cannot have price equalisation regulation and deregulation at the same time,” he noted. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the new regulation was a welcome development, as it would benefit the economy. “It is doubtful if PPPRA on its own has the legal competence to issue the guidelines it just issued on the deregulation of downstream sector.

Source: The Guardian June 07, 2020 04:30 UTC