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GOOD NEW: House Of Reps Push Fuel Price To N70 Per Litre

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The Petroleum Products Prices
Regulatory Agency
(PPPRA) has
been advised by the House of
Representatives to review the current
price template for Premium Motor
Spirit (PMS)

A member of the house Abubaker
Fulata, sponsored a motion titled
“Urgent Need to Review the
Petroleum Price Template”

The lower house is urging PPPRA
to reduce the price to N70 per litre

By Olanrewaju


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The Petroleum Products Prices
Regulatory Agency (PPPRA) has
been advised by the House of
Representatives on Tuesday to
review the current price template for
Premium Motor Spirit (PMS) and
reduce the price to N70.

This was followed by the adoption of
a motion sponsored by Abubaker
Fulata titled “Urgent Need to Review
the Petroleum Price Template”.

The lawmaker moving the motion
expressed dismay over reports
suggesting a possible hike in the
price of petrol in the country.

The federal ministry of petroleum
resources has however denied the
reports.

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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.

He said: “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.

“Storage charges N2.00, retailers
margin N6.00, transport allowance
N3.36, dealers margin N2.36, bridging
fund N6.20 and marine transport
average put at N0.15 bringing the total
cost to N137.81.”

Fulata further informed the House
that the landing cost of PMS
remained at N119.74, while the
distribution cost and margins of
marketers stood at N18.37.

“Thus, the total of both the landing and
distribution costs is N138.11, while
marketers are allowed to sell the product
within the range of N140 and N145 per
litre.

The lawmaker also noted that over 90
per cent of the current price of PMS
in the country is accounted for by
transport related charges at N124.34
out of N138.11.

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According to him, foreign vessels
charge higher for lifting the PMS
because Nigerian carriers which were
supposed to lift 50 per cent of the
products lack the capacity to do so.

He faulted the NPA’s inability to
dredge the ports despite collecting
N0.84 for every litre of petrol thereby
costing Nigerian users the sum of
N4.56 for every litre of petrol they
buy.

“Bridging is supposed to be an
annual event only when refineries are
carrying out their turn around
maintenance which should not
exceed three months.

“However, due to the fact that
pipelines linking the various depots
have been vandalised or in a state of
disrepair, bridging has remained a
permanent feature of the oil industry
in Nigeria,’’
he said.

He said that if the pipelines linking
the various depots and refineries
could be fixed and secured, the
bridging fund could be reduced to
N2.00 per litre instead of the current
N6.20.

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“Also a realistic template would bring
down the price of petrol to N70.04,”
he
added.

The House urged the NPA to dredge
all harbours within a period of one
year to enable ships dock in them.

An ad-hoc committee was also set
up by the House to interface with the
Federal Ministry of Petroleum
Resources on the review of the price
of PMS and such related matters and
report back within weeks for further
legislative action.

Meanwhile the minister of state for
petroleum Ibe Kachikwu has attacked
the Nigerian National Petroleum
Corporation (NNPC) over the latest
increase in fuel price.

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