The Minister of State for Petroleum Resources, Chief Timipre Sylva said the downstream oil sector was deregulated on March 19, with the reduction in the pump price of petrol.

Sylva, who made the clarification at a ministerial briefing while giving a score card of the sector in Abuja, on Thursday, said the monthly price modulation introduced by the Petroleum Products Pricing Regulatory Agency (PPPRA) is to ensure that Nigerians benefited from the developments in the sector.

“I am not just announcing deregulation today, let us try and understand ourselves, deregulation took effect on March 19.

“Fortunately, we have completely deregulated the product supply system, so we took out subsidy from PMS,” he said.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has promised uninterrupted supply of Premium Motor Spirit (PMS).

The government had, last week, announced an off depot price of N108 per litre of petrol while it pegged diesel at N164.

However, retail marketers are still selling petrol at N125 per litre, weeks after the government announced a downward review to N123.50 per litre.

The association has continued to plead for time to enable its members recover financial losses they incurred when the government reduced pump price from N145 to N125.

In a statement by its National President, Sanusi Fari, IPMAN said the association has pledged to work in collaboration with sister groups to make petroleum products available everywhere in the country.

“IPMAN in partnership with the National Association of Road Transport Owners, (NARTO), National Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum Tanker Drivers (PTDs), shall continue to contribute her quota toward ensuring uninterrupted supply and distribution of petroleum products across the country,” the statement said.


Source: The Nation