By Ngozi Onyeakusi — Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place, the Petroleum Products Pricing Regulatory Agency said on Monday. The PPPRA is also engaging with the Central Bank of Nigeria to determine the applicable foreign exchange rates for the importation of petroleum products by oil marketers. The agency’s Executive Secretary, Abdulkadir Saidu, said these while answering questions on the new PMS price regime in Nigeria. He said, “What we have in place is a market reflective pricing system. Petroleum products prices will be adjusted in line with market realities and the result is what we see presently with prices on the downward slide. “Accordingly, price will naturally be adjusted to reflect a true picture of market fundamentals at any particular period, high or low.” He, however, noted that efforts were being made to develop alternative fuels to the PMS by deepening the utilisation of Liquefied Petroleum Gas/Compressed Natural Gas as auto gas in Nigeria. Saidu said this would come into fruition in the medium term and would help to cushion the effect in case of a situation of high oil price.