 The Central Bank of Nigeria CBN says it has lead to or no control over the pricing of either PMS or the dollar. Osage Clement, a principal manager with the APAS Bank disclosed these today while appearing before the House of Representatives at her committee investigating the recent hike in the price of fuel. Osage further explained that the demand for PMS has gone down by 30% due to its low demand following the hike in the price. He advised the federal government to discourage fuel importation and encourage local production as $150 million is currently being deployed for PMS importation monthly through CBN intervention, which is posing serious challenge to the economy. Underpassed, the Executive Director of Distribution Systems of the Niger Mainstream and Downstream Petroleum Regulatory Agency, NMD, PRA or Wogo or Kohau who also appeared before the at her committee stated that the prices of petrol is determined by the market's forces of demand and supply. Okay, for now we have seen that exchange rate continuous galloping of exchange rate has direct impact on PMS because we don't want the public to be agitated constantly when the state changes so frequently. Can we just take out PMS from the bucket and give it a special treatment so that we can have some level of stability in PMS price for a short time to give us room to put our house in order, maybe order local refiner to start working so we might not need to be imported to the product anymore. I think it will go a long way to help with some level of stability. With the regulation, the market forces of demand and supply will determine what prices of products will be. However, the SMPIA has given the authority quite enormous powers to intervene to avoid cattle building, which is why we've introduced competition to also deal with illegal profiteering and more importantly to work with FCCPC in relation to consumer protection and those are powers that we take very serious. While expressing worries over the low demand of petrol since the increment caused by the removal of subsidy, chairman of the committee on petrol price increase Honourable Baba Jimmy Benson called on the relevant regulators to regulate pricing since the Petroleum Industry Act BIA gave it to the powers to do so. Confidence of pricing has to do with foreign exchange. Fortunately for us, that has also been converged because of the single window, the black market rate and the official market rate where the government is trying to make it one and the same. In doing that, we've been told that the demand for foreign exchange has gone down, which is good for Nigeria and they promised that within four months we would see an increased flow of foreign exchange. We would also see a mass reduction in the volume of demand for foreign exchange. Secondly, this subsidy removal has caused a 30% reduction in the consumption of fuel.