Reverse petrol price to N70 per litre – Lawmakers

The House of Representatives has called on the Ministry of Petroleum Resources and Petroleum Products Prices Regulatory Agency (PPPRA) to review the current price of petrol to N70.04 per litre.

Abubakar Fulata said 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 noted that 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.”

He said: “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,” the lawmaker added.

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

The House also resolved to set up an ad-hoc committee that would work with relevant stakeholders with the view to bring down the price of petrol to N70.04 per litre.

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