Skip to main content

Be ready to pay higher for fuel –PPPRA

Image
By

Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place, the Petroleum Products Pricing Regulatory Agency said on Monday.
The PPPRA is also engaging with the Central Bank of Nigeria to determine the applicable foreign exchange rates for the importation of petroleum products by oil marketers.
The agency’s Executive Secretary, Abdulkadir Saidu, said these while answering questions on the new PMS price regime in Nigeria.
He said, “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.”
He, however, noted 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.
Saidu said this would come into fruition in the medium term and would help to cushion the effect in case of a situation of high oil price.
On what the PPPRA was doing to ensure that marketers get forex at the official rate to promote price affordability, he said the agency was working with the CBN on this.
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 PPPRA boss said the price would guide the sale of the PMS in Nigeria, adding that the agency planned to extend the same pricing mechanism to kerosene, diesel and others.

Saidu noted that the essence of the price band was to ensure price efficiency that would be beneficial to both consumers and oil marketers.
He explained that the market-based pricing regime came into effect on March 19 following government’s approval for the adjustment of PMS price from N145 to N125/litre.
“Going forward, pricing of the PMS will reflect market fundamentals. The PPPRA will continue to monitor price trends and advise monthly guiding price for all petroleum products, based on prevailing market realities and other pricing fundamentals,” he stated.

Comments

Post a Comment

Popular posts from this blog

IMF may approve Nigeria’s $3.4bn loan today

By
   There are strong indications   that the Executive Board of the International Monetary Fund may approve the $3.4bn loan sought by Nigeria on Tuesday (today). Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on April 6, while announcing that Nigeria had applied for the loan, said the funds were expected within six to 12 weeks, Reuters and Bloomberg reported that the IMF would meet over the request today. The reports quoted unofficial sources in the IMF. If approved, the loan would be among the largest allocations by the IMF to an African country in response to the COVID-19 pandemic. It is expected that the IMF Executive Board would approve the loan having already approved similar requests for several countries. According to the IMF, about 102 countries applied for aid as a result of the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, had in a statement on April 7 said the organ...
Post a Comment
Read more

Lagos ‘lawyer’ disowned by NBA goes into hiding

By
Nigerians have expressed anger at a Lagos-based ‘lawyer’ and critic, Adeola Samuel-Ilori, after he was disowned by the Nigerian Bar Association. Lawyers and activists, who took to different social media platforms, said they were also shocked that Samuel-Ilori refused to respond to the disclaimer after several days. Our correspondent learnt that the ‘lawyer’ had switched off his phones and had remained incommunicado since the story broke. A top source said Samuel-Ilori had gone into hiding to forestall a possible arrest by the police. PUNCH Metro  had exclusively reported that the NBA said Samuel-Ilori’s name could not be found on the enrolment list of lawyers with the Supreme Court of Nigeria. The Ikeja, Lagos branch of the association, also said he was not a member of the group. However, Samuel-Ilori is said to be the Principal Partner of Lead Solicitors, a chamber of legal practitioners, in the Ogba area of Ikeja, Lagos. He was also said to have filed civil suits...
Read more

MUSIC — DJ MALICTIKAL DROPS LOCKDOWN MIX PARTY OFFICIALLY

By
Nigeria’s Fast Rising Super Disc Jockey  @DjMalictikal 🎧 has officially dropped a high heat Mix for this #Lockdown season. @DjMalictikal known for the indigenous style of radiant on the turn table when it comes to mixing of Afro, Hiphop, and western genres. #nowplaying DJ_malictikal - Lockdown Party by @DjMalictikal via the @audiomack app https://audiomack.m /song/djmalictikal/dj-malictikal-lockdown-party. @djmalictikaltkg @DjMalictikal  He’s in his 20ties and has been able to manage the spotlight scene which can be evident in the approach of inclining himself with great associates  and big actors in the Nigerian 🎧 front, Arts 🎭 such as; @Logos_Olori, @Magicsticks, @Bimmoney, @Mandredzino and @jaypizzleproductions who happens to be his Cousin are few people he has collaborated in different projects in the past few years. @DjMalictical Happens to be a very explicit drummer and someone who has a huge drive in Interior and Exterior design plus Stage Lights Cont...
Post a Comment
Read more