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Following the charge of the Federal Government that it abate the amount of Premium Motor Spirit, additionally accepted as petrol, the Petroleum Articles Appraisement Regulatory Agency, PPPRA, yesterday, appear N125 per litre as the new amount of the commodity, able March 19, 2020.



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The Nigerian National Petroleum Corporation, NNPC, had beforehand in the day appear that its retail stations, NNPC Retail, beyond the country would advertise the article at N125 per litre.

In a annual in Abuja, Executive Secretary of the PPPRA, Abdulkadir Saidu, additionally declared that activity forward, PPPRA would abide to adviser trends in bazaar fundamentals and advertise a annual Guiding/Expected Open Bazaar amount at the alpha of every month, able 1st April, 2020.



He said, “The contempo attempt in the amount of awkward oil and petroleum articles occasioned by the beginning of Coronavirus communicable and slowing all-around oil demand, has led to a bead in the PMS Accepted Open Bazaar Amount (EOMP) beneath the accustomed pump amount cap of N145.00 per litre, advertence over 30 per cent bead beneath the official pump price. However, the boilerplate EOMP for the months of January and February 2020 were N175.52 per litre and N156.02 per litre respectively.



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“Furthermore, it was based on the 2016 accustomed PMS amount cap and demography into annual the accustomed administration margins on the appraisement arrangement that NNPC, actuality the sole importer of PMS, set its antecedent Ex-Coastal amount at N117.60 per litre.

“Consequent on the new NNPC Ex-Coastal amount and demography into application all absolute accustomed margins on the PPPRA appraisement template, the new pump amount of PMS is N125.00 per litre, able 19th March, 2020. This new amount will adviser PMS appraisement in Nigeria for the blow of the ages of March, 2020.

“Consequent on the new NNPC Ex-Coastal amount and demography into application all absolute accustomed margins on the PPPRA appraisement template, the new pump amount of PMS is N125.00 per litre, able 19th March, 2020. This new amount will adviser PMS appraisement in Nigeria for the blow of the ages of March, 2020.

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“It is accepted that the new amount administration will emplace a added cellophane appraisement model, activate advance advance in the after area and animate resumption of articles access by Oil Marketing Companies (OMC), advice to added job conception as abounding depots and accessories that are anon abeyant will now become active.

“The charge of Government to the NNPC to abate the Ex-Coastal amount of PMS, admitting the actuality that the accepted banal of artefact was alien during the months of January and February, 2020 is awful commendable, although this activity is not after costs to the Corporation.”

Saidu bidding optimism that the contempo efforts by the Federal Government to advance an another fuels bazaar would appear to accomplishment in the average appellation while assorted initiatives are actuality undertaken to deepen the appliance of Liquefied Petroleum Gas, LPG, and Compressed Natural Gas, CNG, as autogas in Nigeria.

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He added common the efforts of the government  to body a added active and acceptable after sector.

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Last Updated: April 2nd, 2020 by admin
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