FG To Review Fuel Price Template– Kachikwu

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To eliminate NPA’s transport charges, others I’m not aware of price hike by NNPC stations — Kachikwu Senate demands daily oil, gas production records.

The Federal Government, weekend, said it would undertake a review of the pricing template for Premium Motor Spirit, PMS, also known as petrol, to forestall a further increase in the price of the commodity. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this during a grand award ceremony organised by the Petroleum Products Pricing Regulatory Agency, PPPRA, branch of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN in Abuja. Meanwhile the Senate Committee on Petroleum (Upstream), has asked the Department of Petroleum Resources, DPR, to henceforth, prepare and forward to it, the daily product records of oil and gas in the country.

The committee said the record of daily crude oil production must be submitted to the Senate every month. This will include petroleum industry activities, data on seismic activities, crude oil production, liftings, allocations, exports by destination, receipts, gas production, utilization, sales, transmission and exports.

Chairman of the committee, Senator Tayo Alasoadura, who led members of the committee to the headquarters of the Department of Petroleum Resources, DPR, in Lagos on oversight responsibility, said the development would afford the Red Chamber the opportunity to have deeper knowledge of activities of the oil and gas sector in the country.

Alaosoadura, who represents Ondo Central Senatorial District on the platform of the ruling All Progressives Congress, APC, frowned at perceived sidelining of the legislature in the provision of some information on activities by agencies of government, saying the trend must stop.

Speaking on the pending review of pricing template, Kachikwu said it would help cushion the effect of rising foreign exchange rates and the dwindling value of the naira against major international currencies on the price of petrol.

Read More:

http://www.vanguardngr.com/2016/11/fg-review-fuel-price-template-kachikwu/

 

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