The Federal Government has removed the price cap placed on Premium Motor Spirit (PMS).
This will now see the commencement of a market-based pricing regime for the product. The marketers will now be allowed to fix the per-litre price of petrol under the close monitoring of Petroleum Products Pricing Regulatory Agency’.
Tweets from the Twitter handle of the Nigerian government read:
‘In exercise of powers conferred on it by sections 7 & 24 of Petroleum Products Pricing Regulatory Agency (Establishment) Act. No. 8 of 2003, and all other powers enabling it in that behalf, @PPPRAtweets, with the approval of the President, hereby makes the following Regulations:
“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 @PPPRAtweets shall monitor market trends and advise the NNPC and oil marketing companies on the monthly guiding market-based price.”a