The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that the deregulation of the downstream oil sector and the hike in fuel price was inevitable.
The government on Wednesday approved a roof price of N145 per litre of petrol, an hike of about 67.6 per cent from the previous N86.50 per litre.
According to Sontonye Iyoyo, the Acting Executive Secretary of PPPRA, the new price, was to help marketers overcome difficulties they were facing in fuel importation.
She explained that the review of the fuel price became necessary in view of the difficulties petroleum products marketers usually encounter in sourcing for FOREX.
“This review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange,” the executive secretary said in Abuja.
Mrs. Iyoyo, who also announced the second quarter price modulation framework, which debuted on January 1, 2016, said it was aimed at ensuring a ‘fit-for-all’ approach in the interest of the Nigerian consumers, marketers and the economy.