The
House of Representatives on Tuesday urged the Petroleum Products Prices
Regulatory Agency (PPPRA) to review the current price template for
Premium Motor Spirit (PMS) with a view to reducing the price to N70.
This followed the adoption of a motion
sponsored by Rep. Abubaker Fulata titled “Urgent Need to Review the
Petroleum Price Template”.
Moving the motion, Fulata expressed
dismay over the circulating rumour of a possible hike in the price of
petrol in the country. Although the rumour was denied by the Federal
Ministry of Petroleum Resources, Fulata said it was coming at a time
when the nation is going through difficult times.
According to him, the hard times are
occasioned by dwindling revenues, high inflation rate, unemployment and
general fall in the standard of living of many Nigerians. The lawmaker
noted that the current template for the price of PMS could be reviewed
downwards without affecting the profit margin of marketers and
transporters.
The review would also contribute to
reducing the current inflationary trend in the economy. “I am aware that
the current cost of freighting PMS stands at N109.1, Lightering
expenses N4.56, Nigeria Ports Authority charges N0.84, NIMASA charges
N0.22, Financing N2.51 and Jetty put charges at N0.60.
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