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.