The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, said on Sunday the agency would continue to advise oil marketers on the pump price of the Premium Motor Spirit (PMS).
Saidu, who disclosed this in a statement in Abuja, said marketers were not allowed to fix prices of products.
The PPPRA chief described as incorrect, publication that the agency had removed the price cap of PMS and gave marketers the freedom to fix the price of the commodity.
He recalled that the removal of PMS price cap and implementation of a market-based pricing regime was first announced by the Minister of State for Petroleum Resources, Timipre Sylva, in March.
This, he said, was followed by PPPRA’s publication announcing the regulation on the market-based pricing regime and created a legal framework for the policy.
Saidu said: “The published regulation does not confer on marketers, the power to fix prices for the product as they deem fit. A guiding price will always be advised by the PPPRA according to market realities.
“The agency shall monitor market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price which shall include the indicative retail price at which the product shall be sold across the country.”