Why we can’t fix petrol prices in Nigeria – NMDPRA

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority, NMDPRA, has revealed the existent crushed it cannot hole petrol terms successful Nigeria.

In a connection posted connected its verified X grip on Saturday, NMDPRA said the Petroleum Industry Act, PIA, 2021 restricts authorities involution successful pricing strictly to exceptional circumstances, wherever determination is ceremonial grounds of declared marketplace failure.

The bureau stated that it is lone empowered to forestall anti-competitive practices, price-fixing and the maltreatment of marketplace dominance.

It, however, revealed that it is conducting a associated information effort with the Nigeria Customs Service, NCS, and different applicable information agencies to intensify surveillance on borders corridors to forestall merchandise smuggling, user protection, and marketplace monitoring.

According to the agency, nether its memorandum of understanding, MoU, with the Federal Competitive and Consumer Protection Commission, FCCPC, they support a rigorous associated surveillance to show against price-fixing, collusion, nether dispensing and compromised merchandise quality.

The NMDPRA reiterated its committedness successful fulfilling its statutory mandate to guarantee vigor security, foster just competition, and support consumers wrong the PIA’s ineligible framework.

“The NMDPRA acknowledges the heavy fiscal strain and difficulties galore Nigerians are experiencing, following...