The federal government has now given oil marketers the full liberty to bargain, import and determine how much they will sell petrol to the citizens.
This was disclosed on Tuesday by the Petroleum Products Pricing Regulatory Agency (PPPRA).
The agency said the full deregulation of the downstream petroleum sector had already begun and the government would no longer fix the pump price of petrol in the country.
The Pipeline and Petroleum Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had on September 2, announced a new ex-depot price of N151.56k for PMS against the N138.62k announced in August.
The development led to an increment in the pump price of the product to between N160 and N163 in filling stations across the country.