By Michael Eboh

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.
I
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:


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“Short title: Market Based Pricing Regime for
Premium Motor Spirit (PMS) using the Pricing
Template of the Petroleum Products Pricing
Regulatory Agency.
I
“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/

Hahahaha.. after few days of reducing the price of PMS to N120, government is now giving marketers free rein to fix prices of fuel.

Watch as the days go by as greedy marketers would hype the price to over N200 per liter.