Following the announcement of the deregulation of the downstream sector of the petroleum industry on Wednesday by the federal government, the Petroleum Pricing Regulatory Agency (PPRA) has announced an exception to the new price regime of N145 per liter–NNPC gas stations on the outskirts of cities have been ordered to sell well below N145.
Sotonye Iyoyo, acting executive secretary of the PPPRA said in a statement late on Wednesday that the sector was still under government’s control.
“Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian consumers, marketers and the economy,” the statement read.
“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the Petroleum Products Pricing Regulatory Agency, (PPPRA), hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre.
“However, NNPC retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.
“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months and to ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all citizens.”
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