The Petroleum Products Pricing Regulatory Agency, PPPRA, has announced that henceforth the forces of demand and supply would determine the price of fuel in Nigeria.
In the document signed by its Executive Secretary, Mr. Abdulkadir Saidu, the PPPRA, however, stated: “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 make 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 litre 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.”
It added: “This regulation may be cited as the Premium Motor Spirit (PMS) Market Based Pricing Regime Regulations, 2020, made this 20th day of March, 2020.”