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The Petroleum Products Pricing Regulatory Agency (PPPRA) Tuesday announced that it was no longer involved in the fixing of the pump price of petrol, disclosing that the interplay of market forces and not the organisation now determines how much Nigerians buy the product.The agency noted, however, that it will continue to monitor the operators in the downstream petroleum sector to ensure that marketers do not abuse the freedom that has come with the deregulation of the pump price of petrol.Executive Secretary of the PPPRA, Mr Abdulkadir Saidu, who spoke during a press briefing in Abuja, explained that the job of the agency henceforth was to ‘police’ the marketers and prevent profiteering at the expense of consumers.Saidu, who was represented by the General Manager, Administration and Human Resources, Mr Victor Shidok, stressed that one of the reasons Nigerians were not experiencing the real impact of deregulation yet was because of the foreign exchange challenges being faced by marketers who were supposed to bring in the product.According to him, the shortage of forex , which he said was already being sorted out by the Central Bank of Nigeria (CBN), was making the Petroleum Products Marketing Company (PPMC), look like the sole marketer for now.


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