"> Market to now Determine PMS Price- PPPRA - Sahel Standard
October 19, 2020
Business News Top Stories

Market to now Determine PMS Price- PPPRA

Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol.

The agency made the disclosure in a document it released in Abuja entitled, ‘’Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020’’.

According to the PPPRA Executive Secretary, Mr Abdulkadir Saidu, the price of PMS would be determined by market forces.

He said that it would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation and oil marketers on monthly guiding price for the commodity.

The agency said that it made the regulations with the approval of the 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 added.

Please follow and like us:

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *