The Petroleum Products Pricing Regulatory Agency, PPPRA, has
removed the cap on the price of Premium Motor Spirit (PMS), also known
as petrol.
The latest development gives marketers the freedom to fix the price of the commodity and sell above the price stipulated by it.
In a statement titled, ‘Market Based Pricing Regime for Premium
Motor Spirit (PMS) Regulations, 2020,’ and released today June 4, the
PPPRA said that henceforth, the price of PMS would be determined by
market forces.
Executive Secretary of PPPRA, Abdulkadir Saidu who released the
statement, said the agency 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.
Tshe statement in part reads
“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 hereby makes the following Regulation:
''Short title: Market Based Pricing Regime for Premium Motor Spirit
(PMS) using the Pricing Template of the Petroleum Products Pricing
Regulatory Agency.
The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.
From the commencement of these Regulations, a market-based
pricing regime for Premium Motor Saint (PMS) shall take effect. The
Agency shall monitor market trends and advise the NNPC and oil marketing
companies on the monthly guiding Market-Based Price.
The price of Premium Motor Spirit (PMS) advised by the Agency
shall be guiding retail price at which the product shall be sold across
the country. This regulation may be cited as the Premium Motor Spirit
(PMS) Market Based Pricing Regime Regulations, 2020, made this 20th day
of March 2020.”
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