The Petroleum Products Pricing Regulatory Agency, PPPRA, has removed the cap on the price of Premium Motor Spirit (PMS), also known as petrol, giving marketers freedom to fix the price of the commodity and sell above the price stipulated by it.
The PPPRA, in a document released yesterday evening, titled, 'Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020,' stated that, henceforth, the price of PMS would be determined by market forces.
In the document signed by its Executive Secretary, Mr. Abdulkadir Saidu, the PPPRA, however, stated that it would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketers on the monthly guiding price for the commodity…
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