Nigerians to Pay Market Determined Price for Petrol

• Price Liberalisation: Nigerians to Now Pay Market Determined Price for Petrol

The Petroleum Products Pricing Regulatory Agency on Monday said the new price liberalisation scheme in place means Nigerians will now be paying a market-determined price for petrol and other petroleum products.

Abdulkadir Saidu, Executive Secretary, PPPRA, disclosed this while responding to questions on the new PMS price regime in Nigeria.

He said, “What we have in place is a market reflective pricing system. Petroleum product 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.”

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.”