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PPPRA Warns, Petrol Will Sell Higher Under New Regime

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PPPRA Warns, Petrol Will Sell Higher Under New Regime

The Petroleum Products Price Regulatory Agency (PPPRA) is currently negotiating with the central bank to decide the prevailing foreign exchange rates for importation of petroleum products by oil marketers. The Petroleum Products Price Regulatory Agency (PPPRA) has announced that Nigerians will either pay higher or lesser for petrol due to the price liberalisation scheme that currently exists.

The Executive Secretary for the Petroleum Products Price Regulatory Agency (PPPRA), Mr Abdulkadir Saidu,  said these while answering questions on the new PMS price regime in Nigeria.

“What we have in place is a market reflective pricing system. Petroleum products prices will be adjusted in line with market realities and the result is what we see presently with prices on the downward slide.

“Accordingly, price will naturally be adjusted to reflect a true picture of market fundamentals at any particular period, high or low.”

Mr Abdulkadir Saidu stated that efforts were being made to develop alternative fuels to the PMS by deepening the utilisation of Liquefied Petroleum Gas/Compressed Natural Gas as auto gas in Nigeria.

He also said that this would come into fulfilment in the medium term and would help to shield against high oil price.

Mr Abdulkadir Saidu said, “The agency is engaging with the CBN to determine the applicable forex rates for the importation of petroleum products and modality for accessing the applicable forex window by marketers.

“This rate is reflected on the pricing template to determine the Expected Open Market Price of the product.  This means that going forward, the guiding price to be advised will be determined based on the rates quoted by the CBN.”

The Petroleum Products Price Regulatory Agency, boss said the price would guide the sale of the PMS in Nigeria and that the agency plans to extend the same pricing mechanism to kerosene, diesel and others.

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Teo-Inspiro International is a media production company that is changing the narrative by empowering young people with digital skills to showcase the beauty of Africa. We provide photography and video coverage for events, produce films and documentaries that tell the African story and organize training programs on camera handling.

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