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Reduce Pump Price Of Petrol To N70 Per Litre – House Of Reps Tell Pppra


SAN FRANCISCO, November 29, (THEWILL) – The House of Representatives has urged the Petroleum Products Prices Regulatory Agency (PPPRA) and the Ministry of Petroleum resources to review the current price of Petroleum Motor Spirit (PMS) downward to N70.04/litre.

This was the outcome of a resolution by the House, on Tuesday, following a motion sponsored by Abubakar Fulata which was adopted after it was put to a voice vote by the Speaker, Yakubu Dogara.

The House also resolved to set up an ad hoc committee, to interface with the Ministry of Petroleum resources on the review of the PMS Price, which is expected to report back to the House within eight weeks for further legislative action.

“The current template for the price of PMS could be reviewed downwards without affecting the profit margin of marketers and transporters and also contribute to reducing the current inflationary trend in the economy,” Fulata argued.

“The provision of N4.56 in th price template for lightering services is absolutely unnecessary as, in line with international practice; all ships are supposed to dock at the harbour but in the case of Nigeria, however, the water in all the harbours is shallow due to siltation and the harbours urgent dredging.

“Though the Nigerian Ports Authority (NPA) is paid N0.84 for every litre of petrol, it has failed to dredge the various docking areas, as a result of which ships wait at the high sea and discharge their own cargo in smaller vessels and for this inefficiency of the NPA, Nigerians are asked to pay N4.56 for every litre of petrol, which would have been necessary if all docking areas have been dredged.

“The provision of N2.00/l in the template for the maintenance of storage facilities does not benefit government facilities located at over 21 fuel depots in the country.

“A realistic template will bring down the price of petrol to N70.04 per litre.”

Story by Oputah David