PPPRA explains new price regime

A statement by the Acting Executive Secretary of the PPPRA Sotonye E. Iyoyo, titled ‘PPPRA Second Quarter Price Modulation’ said: “In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency (PPPRA) hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre.

However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

“The review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange. To meet the consumption demand of the nation, Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

“The PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all citizens.

“Statutorily enshrined in the PPPRA Act No 8, 2003 is the responsibility to moderate pricing for the industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian consumers, marketers and the economy.

“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency (PPPRA) hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.

“This review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange. To meet the consumption demand of the nation, importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics, thereby ensuring fair value to all citizens.”