As suggested on the website of the Petroleum Products Pricing Regulatory Agency (PPPRA) Nigerians may soon pay less for premium motor spirit (PMS) also known as petrol with the recent plunge in the price of crude oil in the international market.
The general manager, corporate services department of the agency, Apollo Kimchi, in a statement on Monday, January 7, said the reduction in the price of crude oil has led to the price of petrol falling below the government approved pump price of N145/litre.
The agency also noted that it expects the Nigerian National Petroleum Corporation (NNPC) to start recording over-recovery instead of the under-recovery as has been posting if the trend continues. It also expressed the confidence that the situation would enable other marketers to commence importation of PMS (Petrol).
“With the recent plunge in the price of crude oil in the international market, the agency has observed a downward trend in the expected open market price of PMS, below the government approved pump price of N145/litre.
“It is expected that over-recovery could be witnessed and if this trend continues, this will enable other marketers to commence the importation of PMS (Petrol),” the agency said.
The PPRA finally also dismissed allegations the NNPC has taken over one of its responsibilities of regulating the price of petroleum products in the downstream sector. It also faulted claims that petrol subsidy has hit N2.43billion
“PPPRA as an agency has been dispensing its obligation in line with the mandates as contained in the Act that establishes it and is not aware that another agency has taken over its duties" it concluded.