By Chioma Obinagwam
The Petroleum Products Pricing Regulatory Agency (PPPRA) has clarified that the publication of the ‘guiding prices’ posted on its website implied current market trends.
Confiance News gathered from a statement posted on the official Twitter handle of PPPRA on Friday.
The agency added that it is its responsibility to publish monthly ‘guiding prices’ in line with the Market-based Pricing Regime.
“One of the conditions for the market-based pricing regime for PMS regulation 2020 is the monthly release of ‘guiding price’ to reflect current market fundamentals,” PPPRA disclosed.
Confiance News recalls that Premium Times earlier reported that the agency released a template late Thursday, indicating a huge jump in the retail price of petrol from about N160 to N212.
The decision contradicted earlier assurances by the Nigerian National Petroleum Corporation (NNPC) that there will be no increment in March, prompting the government to disown it and apologise.
However, previous templates released by the agency formed the basis of fuel price increase or decrease in the country.
Prior to latest controversial announcement, the PPPRA published its last template in November 2020.
