The Petroleum Products Pricing Regulatory Agency (PPPRA), Monday said it is engaging with the Central Bank of Nigeria (CBN) on ways to make foreign exchange accessible to private oil marketing companies seeking to import Premium Motor Spirit (PMS), also known as petrol, and other petroleum products.
In a statement in Abuja, Executive Secretary of the PPPRA, Mr. Abdulkadir Saidu, disclosed that the engagement with the CBN was aimed at determining the applicable Foreign Exchange rates for the importation of petroleum products and modality for accessing the applicable Foreign Exchange window by the Marketers.
He said, “This rate is reflected on the pricing template to determine the expected open market price of the product. This means that going forward, the guiding price to be advised, will be determined based on the rates quoted by CBN.
