Lagos -– The Major Oil Marketers Association of Nigeria has disclosed that the body has adjusted the price of Premium Motor Spirit (PMS) popularly called petrol for business survival.
In a chat with SweetcrudeReports, the Chairman, MOMAN, Mr. Tunji Oyebanji stated that, they are aware that the government has said that the downstream sector is now deregulated, which invariably means the market forces will determine prices.
Reacting to the powers given to Petroleum Products Pricing Regulatory Agencies (PPPRA) to solely fix petroleum products prices, he added that ‘Well I am aware the government has said we are now deregulated and henceforth market forces will determine prices. Normally, PPPRA issues a pricing band towards the end or beginning of the new month and you aware they have done so up till now’
Oyebanji said, on the other hand, Pipeline and Product Marketing Company (PPMC) has raised their prices effective August 4 and they are also cognizance of their distribution margins and therefore have no option than to adjust accordingly for business survival.
It would be recalled Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have also been directed to sell a litre of petrol at N150.
The directive followed Federal government approval of N138.62 as the ex-depot price for a litre. But investigation revealed that despite the ceiling, Private Depot Owners (PDO) sell the product to dealers for N139 per litre.
The new price modulation was earlier announced by the Petroleum Products Pricing Regulatory Agency (PPPRA).