The National Petroleum Authority has started the processes leading towards the implementation of Petroleum price deregulation.

Effective today, all Oil Marketing Companies, OMCs, will announce their ex-pump prices for petroleum products and display same at their outlets, a statement from the Authority and signed by its CEO, Moses Asaga, says.

“In line with the [deregulation policy], the NPA will monitor the application of the Prescribed Petroleum Pricing Formula to ensure that all Petroleum Service Providers apply the formula in the right way and defaulters will be duly sanctioned.”

The decision comes after months of back door discussions between the OMCs on one hand and government on the other.

Government says it is to allow marketers and importers of petroleum products to independently set their own prices.