The Petroleum Products Pricing Regulatory Agency, PPPRA, has removed the cap on the price of Premium Motor Spirit (PMS), also known as petrol, giving 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.
The 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,…
Source: Linda Ikeji