In line with the new pricing regime for petrol, marketers are now free to fix the price of the commodity, the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced.
Henceforth, the price of petrol will be determined by market forces.
PerSecondNews recalls that the Group Managing Director of NNPC, Malam Mele Kyari, had in April announced that fuel subsidy has been removed by government, saying “it is gone forever.”
However, in a document released on Thursday evening, entitled, ‘’Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020″, PPPRA said 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.
The document, signed by the Executive Secretary of the agency, Mr Abdulkadir Saidu, said: “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 makes the Regulation.”