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COVID-19: Market Forces Will Henceforth Determine Prices Of Petroleum Products – Kyari

The Group Managing Director of the NNPC, Mallam Mele K. Kyari has said that henceforth market forces will be the determinant of petroleum products prices.

Tolu Ogunlesi, Special Assistant to President Muhammadu Buhari on New Media said in his twitter handle that the GMD made the assertion during a press conference shortly after the National Economic Council meeting today in Abuja. The meeting was presided over by the Vice President, Prof. Yemi Osinbajo.

Mallam Kyari also added that going forward, the Petroleum Products Pricing Regulatory Agency, PPPRA will be communicating pricing bands every two weeks which will hetherto, serve as a guide for pump price adjustment.

The importation of petrol products will now be done by the entire petrol marketing community.

He noted that also going forward, NNPC will be treated just as any other petrol marketer and it will abide by the pricing regimes communicated by the PPPRA.

In a separate tweet by the Petroleum Products Pricing Regulatory Agency, PPPRA, the Agency said it will monitor trends in market fundamentals and from 1st April, 2020, will announce monthly, the expected Open Market prices of the products.