According to the latest report, the Federal Government through 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.
The PPPRA, in a document released, on Thursday evening, 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, Vanguard reports.
In the document signed by its Executive Secretary, Mr. 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.
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.