Monday, May 17Inside Business Africa
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Tag: Adetunji Oyebanji

Oil marketers demand pricing formula, legislation to sustain monthly adjustments

Oil marketers demand pricing formula, legislation to sustain monthly adjustments

Oil & Gas
Operators in the downstream sector of the oil and gas sector have asked the Federal Government to unveil a pricing formula that will guide the monthly adjustments in the pump price of premium motor spirit (PMS) otherwise known as petrol in order to avoid dislocations at the retail end of the value-chain. According to the operators, many marketers are keeping low stock towards every month end due to the uncertainty surrounding the price of the commodity, especially as government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), still determines the price the product was being sold despite deregulation. They noted that a pricing formula would guide marketers and consumers on what to expect anytime there is a movement in the price of oil, especially as the country does ...