…Says PPPRA to advice on monthly price

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 freedom to fix price of the commodity and sell above the price stipulated by it.

The PPPRA, in a document released, yesterday 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.

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.

The PPPRA 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 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.

“This regulation may be cited as the Premium Motor Spirit (PMS) Market Based Pricing Regime Regulations, 2020, made this 20th day of March, 2020.”

The PPPRA, in the explanatory note to the regulation, disclosed that 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.

https://www.vanguardngr.com/2020/06/fg-removes-fuel-price-cap-gives-marketers-freedom-to-fix-price/

Lolzzzz...

Good move, no more subsidy

Lolz, I was wondering why say d word deregulation earlier, only to now start fixing price of PMS, Alow marketer to fix deir thin

Dem go use style style carry am go N200/lite.

Just watch and see

Wow they're finally serious about ending subsidies.

FG dey confused sef

Goodluck Jonathan has returned if this is true

The same issue that led to national protest that year.

They should also allow marketers to import pms and other allied products. NNPC has milked us dry.

No better time to deregulate than now

SadiqBabaSani:
Lolz, I was wondering why say d word deregulation earlier, only to now start fixing price of PMS, Alow marketer to fix deir thin

I hope you will not complain tomorrow.

JAMO84:
Good move, no more subsidy

But I thought y'all liar said there was never subsidy but UNDERRECOVERY

.

This is what the previous regime wanted to do-remove the corrupt subsidy so that marketers will determine the price, but these hypocrites sabotage all the efforts with the Ojota Carnivals, Occupy/Save Nigeria protest.Today they're implementing the same policy.

NNPC have not produce any petroleum product for long while out refineries have been comatose with heavy Turn around maintenance(TAM), staff salaries & other over head costs being paid.All in a brazen act of corruption. Why is the APC this wicked?

It's about to go down.

JAMO84:
Good move, no more subsidy

Seems you forgotten that same cabal that have been running the subsidy deal under this government will automatically translate as part of the regulators that will be fixing arbitrary prices hence continue milking the system? Subsidy or not, the promised refineries by the dullard were never built while the NNPC have remained a haven of putrifying corruption.So nothing new.

So you see how the government have been using your head with the no subsidy/subsidy under recovery nonsense? When you're are advise to do zombiesm with wisdom, you said no, that we're wailers.Continue.

Great

I hope Shylock Nigerian oil marketers will not exploit us.

Racoon:
See how you the government have been using your head with the no subsidy/subsidy under recovery nonsense? When you're are advise to do zombiesm with wisdom, you said no, that we're wailers.Continue.

You have problem with critical analysis and details.


Under the useless subsidy regime of the ineffectual buffoon, we couldn't go six months without having fuel scarcity. He dole out money to every Tom, Dick and Harry in the name of subsidies, they always import 50% percent product and steal the rest, that was why Buhari said their subsidy was a scam. How can they claim to be paying hundreds of billions in subsidies and we don't always see the product in the market? wasn't that a scam?


Under recovery means only NNPC does the business of fuel import, they import at certain amount and incur loses which they used funds from other sources to bridge the gap. Three years of under recovery and we haven't had a single fuel scarcity. Compare that to the corrupt PDP subsidy regime when we used to have fuel scarcity almost every six Months and make your choice. Not that I expect you to see the truth in this analysis, base on your reputation as a chronic wailer!!!




I AM DONE TALKING

Very very unfortunate. Wish this shithole can divide.

Very terrible, these petroleum marketers will call a meeting and fix the price at N500 per litre.
The marketers operate like a occult group. Any member who sells below their fixed price will have their filling station burnt in a 'fire accident'.

Buhari has handed over nigerians to one of the most powerful cartel and cabals for exploitation.

Una go hear am for this country.

How can the marketers fix the prices of fuel, when they are not the importer? NNPC remain the sole importer of fuel in Nigeria.

EastGold:
Dem go use style style carry am go N200/lite.

Just watch and see

The price will crash later

thesolutions:
No Goodluck Jonathan has returned if this is true

The same issue that led to national protest that year.

They should also allow marketers to import pms and other allied products. NNPC has milked us dry.

Don't mind those hypocrites. This was what Jonathan proposed but hatred non let dem see road

AhoadaRivers:
Very terrible, these petroleum marketers will call a meeting and fix the price at N500 per litre.
The marketers operate like a occult group. Any member who sells below their fixed price will have their filling station burnt in a 'fire accident'.

Buhari has handed over nigerians to one of the most powerful cartel and cabals for exploitation.

Una go hear am for this country.

More marketers will come in hence the fall in price

This is a country where nothing works. The barefaced greed inherent in the system will lead to an unprecedented exploitation of the hapless masses.

Nonsense... bcoz they saw the price rising back.... What benefit did we achieve from deregulated kerosene that is still being sold over N200 per litre??

'made since 20th day of march, 2020' and we are just getting to read about it?

In as much as the fight is now with the unions... which would force investors to swear oat of allegiance before permits can be given..

Exploitation loading, Nigerians shoukd brace up for the worst, so marketers can decide to sell it any amount, Plus Buhari,Plus FG,Plus APC supporters are all mad.

#Say No To Rape#Stop Southern kaduna killings#Stop Sokoto Killings#Stop the looting#End Corruption#Stop Nepotism#

Ok

Stale News