26 C
Lagos
Sunday, January 17, 2021
- Advertisement -

PPPRA Removes Price Cap on Petrol

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

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 -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...