05, 2020 / 10:49 AM / by PPPRA / Header Image Credit: Channels Television
In exercise of the Powers conferred on it by Sections 7 and 24 of the Petroleum Products Pricing Regulatory Agency (Establishment) Act, No. 8 of 2003, and all other powers enabling it in that behalf, the Petroleum Products Pricing Regulatory Agency ("The Agency"), with the approval of the President hereby make the following Regulations:
1. Removal of Existing Premium Motor Spirit (PMS) Price Cap Per Litre
The price cap per litre in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.
2 Implementation of a Market Based Pricing Regime for Premium Motor Spirit (PMS)
From the commencement of these Regulations, a Market based pricing regime for Premium Motor Spirit (PMS) shall take effect.
3 Monitoring Market Trends and Advise on the Monthly Market Based Price for Premium Motor Spirit (PMS)
1) The Agency shall monitor market trends and advise the NNPC and Gil Marketing Companies on the monthly quiding Market Based Price.
2) The price of Premium Motor Spirit (PMS) advised by the Agency shall be the quiding retail price at which the product shall be sold across the Country.
These Regulations may be cited as the PREMIUM MOTOR SPIRIT(PMS) Market Based Pricing Regime Regulations, 2020.