The Petroleum Products Pricing Regulatory Agency has said that expects oil marketers in Nigeria to resume the importation of petrol into the country following its recent announcement of the abolishment of pump price cap.
In 2016, the government backed down on meeting the financial obligations associated with the subsidy payments through the introduction of a ‘price modulation’ mechanism. This had forced the private oil marketers to back out, leaving the business of petrol import for the NNPC alone. The PPPRA explained that the decline was over 30 per cent below the official pump price, and this meant that the country ought to adjust the official pump price of petrol based on the 2016 approved price cap.
On its expectations that oil marketers would resume importation of petrol into the country, the PPPRA stated: “It is expected that the new price regime will emplace a more transparent pricing model, stimulate investment growth in the downstream sector and encourage resumption of products importation by Oil Marketing Companies , translating to more job creation as many depots and facilities that are presently dormant will now become active.
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