PPPRA Gazettes Market-based Pricing Regime For Petrol

The Petroleum Products Pricing Regulatory Agency has gazetted a market-based pricing regime for petrol.

Spokesperson of the agency, Kimchi Apollo, stated on Wednesday that with the new gazette, oil marketers were now empowered to fix petrol price in accordance with the market realities.

He told our correspondent in Abuja that the gazette on pricing regime for petrol was issued in March 2020.

The PPPRA had in March this year declared that petrol price would be determined by the forces of demand and supply.

It stated that the price of crude oil in the international market would to a large extent determine the cost of petrol domestically.

The Executive Secretary, PPPRA, Abdulkadir Saidu, had said the agency would continue to ensure that the downstream oil sector was deregulated in a way that both oil marketers and consumers of petrol enjoyed the benefit of deregulation.