Onyebuchi Ezigbo in Abuja
The federal government yesterday foreclosed a reversal of the deregulation policy that introduced a market reflective pricing regime for determining the pump price of petrol.
Against the background of the protest by organised labour over recent increases in the price of petrol and electricity tariff, the government said it would no longer fix the pump price of petrol, which will now be determined by various variables, including the global price of crude oil.
Minister of Labour and Employment, Senator Chris Ngige, said at the inauguration of the 23-man Technical Committee on Premium Motor Spirit (PMS) pricing framework, in Abuja, that the technical committee would work to establish a more transparent method of arriving at the petroleum product price.