Thread by @ronke_onadeko

Part 1: The transition from subsidy to under-recovery and then liberalisation to deregulation of PMS locally referred to as Petrol and gasoline to others have had been rapid and all in a space of three months.

Nigeria has now entered into a market based demand -supply era all precipitated by the international oil price crash.

Part 2. The Petroleum Products Pricing Regulatory Agency (PPPRA), shall monitor market trends and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketing companies on the monthly guiding market-based price.
#PMSsupply #Nigeria #deregulation #NNPCgroup

Part 3. The crash in global oil prices earlier this year as a result of the coronavirus pandemic, provided Nigeria an opportunity to liberalize the sector and end its subsidy regime. #PMSsupply #Nigeria #deregulation #NNPCgroup

Part 4: Nigeria imports almost all the gasoline it consumes due to low throughput rates at four state-owned refineries. Revamping these refineries to optimal capacity would save Nigeria the cost of fuel importation

#PMSsupply #Nigeria #deregulation #NNPCgroup #refining

Part 5: MOMAN a Stakeholder in the downstream industry urge the government to provide a proper legislative framework to guide the deregulation of the downstream sector and protect the interest of private investors
#pmssupply #nigeria #deregulation #downstream #policyregulation

Part 6: Nigeria had capped the pump price of gasoline which is bought on the wholesale market on a dollar-denominated basis at Naira 145/liter (40 cents/liter) since 2016.

The price of gasoline was cut down by the government from N145/liter in March by 10% to Naira 130/liter and again to Naira 108/liter in May.

#PMSsupply #Nigeria #deregulation #NNPCgroup

Part 7: NNPC has been Nigeria's sole pms importer since private marketers stopped importing in the 3rd quarter of 2017, in protest at the government's refusal to settle about $2bn in subsidy arrears related to pms imports and the continued regulation of domestic pump prices.

Part 8: PPPRA has made counter claims that it has not removed the price cap on PMS, giving marketers the freedom to fix the price of the commodity and sell above the stipulated price but rather guiding prices would be advised by the PPPRA according to market realities.

Part 9:PPPRA states that it shall continue to monitor market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price that guarantee reasonable returns to operators while ensuring consumers pay appropriate prices in line with market reality

Part 10: The Honorable Minister stressed that the government’s role in a deregulated economy was to provide a pricing mechanism to create a market-driven price through the operation of the Petroleum Products Pricing Regulatory Agency (PPPRA).