Price-fixing and petroleum equalization eras are finished, according to NMDPRA.

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that the era of price fixing and obtaining foreign exchange for imports at the official Central Bank of Nigeria (CBN) rates is over now that deregulation of the downstream sector of the petroleum industry is in full swing.

Additionally, it stated that petroleum equalization and the national transport allowance had been formally abolished because they had been incorporated into the new gasoline pump price.

Farouk Ahmed, the Authority Chief Executive (ACE), disclosed these developments on Friday in Abuja, claiming that the pricing are now determined by market forces rather than by any government agency.

For all players eager to compete in the downstream sector, he claimed that the playing field is now level.


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