Deregulation will Force Down PMS Price- Regulator

deregulation-will-force-down-pms-price-regulator

The executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Mr Saidu Abdulkadir said “The agency is cognizant of the public outcry trailing the recent surge in petroleum products prices.

“However, this decision is a reflection of the new market-based pricing system, which does not seek to harm consumers but foster growth in the sector and prevent wastages resulting from subsidy.

“The recent upward movement in pump price is becoming a bone of contention because of the fragile state of the economy.

“However, deregulation of the sector is in the country’s best interest because competition has a way of forcing down prices and ensuring that companies place a tight rein on production cost such that wastes that could be passed on to consumers in form of high prices are eliminated.

“The trillions of naira that would have been spent subsidising PMS could be injected into other key sectors such as agriculture, education, health, power and infrastructure.

“There will also be focus on the provision of social safety nets for the poor who bear the brunt of the COVID-19 pandemic,”

Keywords
Economy , National News