The Petroleum Products Pricing Regulatory Agency, PPPRA, has evacuated the top on the cost of Premium Motor Spirit (PMS), otherwise called petroleum, giving advertisers the opportunity to fix the cost of the item and sell over the cost specified by it. The PPPRA, in a report released,on Thursday evening, named, ‘Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020,’ expressed that, from now on, the cost of PMS would be dictated by showcase forces.
In the report marked by its Executive Secretary, Mr. Abdulkadir Saidu, the PPPRA, notwithstanding, expressed that it would keep on checking patterns in the unrefined petroleum showcase and prompt the Nigerian National Petroleum Corporation (NNPC) and oil advertisers on the month to month controlling cost for the commodity.
The PPPRA stated, “In exercise of the forces gave on it by Sections 7 and 24 at the Petroleum Products Pricing Regulatory Agency (Establishment) Act. No. 8 of 2003, and every single other force empowering it for that benefit, the Petroleum Product Pricing Regulatory Agency (The Agency), with the endorsement of the President therefore makes the accompanying Regulation: “Short title: Market Based Pricing Regime for Premium Motor Spirit (PMS) utilizing the Pricing Template of the Petroleum Products Pricing Regulatory Agency. “The value top per liter in regard of Premium Motor Spirit (PMS) is expelled from the initiation of these Regulations. From the initiation of these Regulations, a market-based evaluating system for Premium Motor Saint (PMS) will take effect. “The Agency will screen advertise inclines and prompt the NNPC and oil showcasing organizations on the month to month directing Market-Based Price. “The cost of Premium Motor Spirit (PMS) exhorted by the Agency will be controlling retail cost at which the item will be sold over the country.
“This guideline might be refered to as the Premium Motor Spirit (PMS) Market Based Pricing Regime Regulations, 2020, made this twentieth day of March 2020.” The PPPRA, in the informative note to the guideline, unveiled that the Regulations try to supplement and uphold the arrangements of the PPPRA (Establishment) Act 2003 and to tell the overall population of the presence of a Market-based Pricing Regime for PMS with impact from March 2020.
Source: https://www.vanguardngr.com/2020/06/just-in-fg-removes-fuel-price-cap-gives-marketers-freedom-to-fix-price/
