NMDPRA: Petrol Pump Prices Are Set by Market Forces Under PIA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority says it does not fix petrol pump prices. It stated that the Petroleum Industry Act requires wholesale and retail petroleum prices to be determined by unrestricted market conditions. The authority acknowledged that rising fuel prices are putting pressure on households, transport workers and businesses. It said government intervention in pricing can only occur after a formal declaration of market failure, which has not been made. NMDPRA added that it is working with Customs and other agencies to curb cross-border diversion of petroleum products. It also said its joint monitoring with the FCCPC covers price gouging, collusion, under-dispensing and poor product quality, while public reports of irregular pricing will be investigated.
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