The Petroleum Products Pricing Regulatory Agency, PPPRA, says foreign exchange challenges and the prevailing uncertainty in the oil market is the reason the independent marketers are yet to resume fuel importation.
Addressing journalist in Abuja the Executive Secretary of the PPPRA who was represented by the General Manager, Administration and Human Resources of the PPPRA, explained that the Petroleum Products Marketing Company, has been the agency announcing the price of petrol over the last few months, because it is within its rights to do so.
He noted that the government had agreed that the price of petrol in the Nigerian market would now be determined by market forces. He further explained that the price of Premium Motor Spirit, PMS, also known as petrol, is not directly correlated with the crude oil price, adding that a number of other factors are responsible for the price of the commodity.
Adding that government had agreed that henceforth, the price of petrol in the Nigerian market would be determined by market forces, adding that the PPMC, just like other marketers and importers would continue to determine the prices at which they would sell to their customers.