The Petroleum Products Pricing Regulatory Agency, PPPRA, has revealed that marketers were allowed to fix the price within the new price band of N145 because of extreme difficulties faced by importers in sourcing foreign exchange, forex.In a statement signed by its Acting Executive Secretary, Mrs. Sotonye Iyoyo, the PPPRA pointed out that importers will henceforth be permitted to source for their foreign exchange requirements from secondary sources so as to meet the Premium Motor Spirit, PMS, otherwise known as petrol, consumption demand of the country.
It declared that the new price band for PMS shall, with immediate effect, be at a maximum of N145 per litre, noting, however, that NNPC retail stations on the outskirts of major cities were advised to sell at a price lower than N145 per litre.
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