The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) popularly known as petrol.
Naija News reports that the PPPRA made the disclosure in a document entitled, ‘’Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020’’ which the agency released on Thursday in Abuja, Nigeria’s capital.
The agency said in the document signed by its Executive Secretary, Mr Abdulkadir Saidu, that, henceforth, the price of PMS would be determined by market forces.
PPPRA said that it would continue to monitor trends in the crude oil market and advised the Nigerian National Petroleum Corporation (NNPC) and oil marketers on a monthly guiding price for the commodity.
The agency said that it made the regulations with the approval of President Muhammadu Buhari.
“From the commencement of these regulations, a market-based pricing regime for Premium Motor Spirit (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.
“The regulations may be cited as the Premium Motor Spirit (PMS) Market Based Pricing Regime Regulations, 2020, made this 20th day of March 2020,” it said.
PPPRA said the regulations seek to complement and enforce the provisions of the PPPRA (Establishment) Act, 2003, and to notify the general public of the existence of a market-based pricing regime for PMS with effect from March 2020.