The new development means marketers are now allowed to fix their fuel (petrol) price without the usual price band set by the regulatory agency, Petroleum Products Pricing Regulatory Agency (PPPRA).
The federal government on Thursday proceeded with the full deregulation of the downstream petroleum sector by removing the existing cap on fuel prices.
According to a statement release by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday, prices will hence be determined by the market forces.
The document was signed by its Executive Secretary, Mr. Abdulkadir Saidu, and backdated to March this year. It noted that the agency would only continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketers accordingly.
“In exercise of the powers conferred on it by sections 7 and 24 of 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, with the approval of the President hereby makes the following.
“Market-based pricing regime for premium motor spirit (PMS) using the pricing template of the Petroleum Products Pricing Regulatory Agency:
“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 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.
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