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Reps urge FG to reduce pump price of petrol to N70/litre

Reps urge FG to reduce pump price of petrol to N70/litre
November 29
18:21 2016
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The house of representatives on Tuesday 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.

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.

These resolutions by the house followed a motion sponsored by Abubakar Fulata.

“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,” the legislator said.

“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.”

He added that 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,” he said.

The green chamber further directed the NPA to dredge all harbors within a period of one year.

The house adopted the motion after it was put to a voice vote by Yakubu Dogara, the speaker.

The committee is expected to report back to the house within eight weeks for further legislative action.

There have been speculations that pump price of petrol could be increased again, but the Nigerian National Petroleum Corporation (NNPC) recently insisted that there was no plan to raise it above the current limit of N145/litre.

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2 Comments

  1. Wale
    Wale November 29, 22:12

    Eight weeks is just too far, but if it is to pass a bill that will increase their allowance, that could be pass within a week. Wake up from your sleep.

    Reply to this comment
  2. korede
    korede November 29, 23:50

    If allow to pass through, this will solve half of the problems of inflation, and will project Buhari govt back with good image in the face of the poor Masses. God bless Nigeria.

    Reply to this comment

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