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Petroleum marketers now free to decide pump price of petrol as FG removes price cap

Petroleum marketers now free to decide pump price of petrol as FG removes price cap

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’.

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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

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