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Reps move for reduction of PMS to N70

THE House of Representatives on Tuesday called for a review of the current price template of Premium Motor Spirit (PMS) saying that, “a realistic template would bring down the price of petrol to N70.04 per litre.”

To this end, the House has decided to set-up an ad-hoc committee to interface with the Ministry of Petroleum Resources and Petroleum Products Prices Regulatory Agency, PPPRA “to review the current price template of PMS with a view to bringing down the price of the product.”

The current official price of PMS is N145 per litre.

Way forward, the House also urged the Nigerian Ports Authority (NPA) to dredge all harbours within a period of one year, so as to enable ships dock in them.

The House resolution followed a motion moved by; Honourable Abubarkar Hassan Fulata entitled “Urgent Need to Review the Petroleum Price Template.”

While moving the motion, the lawmaker noted that the current template for the price of petrol could be reviewed downwards without affecting the profit margin of marketers and transporters.

According to him, the widely circulating rumour of a possible hike of petrol came at a time when the nation is going through difficult times occasioned by dwindling revenues, high inflation rate, unemployment and general fall in the standard of living of many Nigerians.

Honourable Fulata noted that “The total of both landing and distribution costs is N138.11, while marketers are allowed to sell product within the range of N140 – N145 per litre.  90 per cent of the current price of petrol in Nigeria is accounted for by the transport related charges that is N124.34 out of N138.11.”

He stated further that the only reason why foreign vessels charge higher for lifting petrol was that national carriers, which were supposed to lift 50 per cent of the products do not have the capacity.

When the motion was put to vote by the Speaker, Honourable Yakubu Dogara, it was supported by members.