The Petroleum Products Pricing Regulatory Agency, PPPRA has removed the cap on the price of Premium Motor Spirit, PMS, giving marketers the freedom to fix the price of the commodity and sell above the price set by it.
The PPPRA, in a document released, on Thursday titled, “Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020″ stated that, henceforth, the price of PMS would be determined by market forces.
In the document signed by its Executive Secretary, Abdulkadir Saidu, the PPPRA, however, stated that it would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation, NNPC and oil marketers on the monthly guiding price for the commodity.
The PPPRA said, its full deregulation of petrol pump price is “In exercise of the powers conferred on it by Sections 7 and 24 at the Petroleum Products Pricing Regulatory Agency (Establishment) Act. No. 8 of 2003, and all other powers enabling it in that behalf, the Petroleum Product Pricing Regulatory Agency (The Agency), with the approval of the President”.
(Editor: Terverr Tyav)
