27.1 C
Lagos
Saturday, October 24, 2020
- Advertisement -

PPPRA Removes Price Cap on Petrol

Opinion

We Must Get Children Back to Learning – But Business As Usual is Not an Option By Jutta Urpilainen and Henrietta Fore

A global joint op-ed by the EU and UNICEF on education for children “One child, one teacher, one book,...

Subjecting Anti-SARS Agitation to Political Interpretation is Jejune Partisan Stimulus By Chris Okotie

Chairman Mao once posited that if the people no longer fear your power, it is because another power is on its way....

Deja Vu – In Tragic Vein By Wole Soyinka

I arrived home from external commitments just over a week ago to an extraordinary homecoming gift. It took the form of a...

Farewell to a Pioneering African Bard By Adekeye Adebajo

John Pepper Clark-Bekederemo, the Nigerian poet and playwright and a pioneering post-independence writer, died on October 13 at the age of 85....

The 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 on Thursday entitled, ‘’Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020’’.

It said in the document signed by its Executive Secretary, Mr Abdulkadir Saidu, that, henceforth, the price of PMS would be determined by market forces.

It 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 said.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Mark Oguh

Mark has 22 years experience in the Banking industry covering Operations, Audit and Financial Control. He is also a...

Aina Amah

Aina Amah is a graduate of Economics from the University of Lagos and an MBA from the University of Nicosia, Cyprus. She...

Uyi Osagie

Uyi Osagie is the Chief Financial Officer of Allianz Nigeria. He joined Allianz as Financial Controller from 2014 and rose through the...

Usen Udoh

Usen Udoh is the Group Chief Human Resources Officer of the Dangote Group where he oversees a team of busines unit human...

Eric Idiahi

Eric Idiahi is a financier and venture-capitalist. He is Partner and co-founder of Verod Capital Management Limited, a $300 million Africa-focused private...