Fidelia Okafor.

On Tuesday, the House of Representatives entertained a motion moved by Rep. Abubakar Fulata titled ‘Urgent Need to Review the Petroleum Price Template’.  The motion urged the Petroleum Products Prices Regulatory Agency (PPPRA) to re-examine the present price of Premium Motor Spirit (PMS) and consider reducing the price to 70 naira.

Considering rumours circulating about a likely increase in the price of petrol in the country which has been denied by the Federal Ministry of Petroleum Resources, the representative expressed displeasure over the rumours saying it wasn’t what the country needed presently in the face of the ongoing recession.

According to him, the hard times are characterized by increased inflation rate with a sharp decrease in employment, national revenue and standard of living of Nigerians. He further stated that the landing and distribution costs of PMS is at a total of N 138.11 with the former being N 119.74 and the latter N18.371.

The inability of Nigerian carriers to lift 50 percent of the product has led to an increased charge by foreign vessels which do that and this accounts for over 90 percent of the current price of PMS in the country.

He also blamed the Nigeria Ports Authority (NPA) for failing to dredge the ports despite collecting N0.84 for every litre of petrol bought; thereby costing every Nigerian N4.56 for every litre of petrol they buy.

Also owing to the fact that most pipes linking different depots and refineries have either been vandalized or left in a state of disrepair, bridging fund is currently at a price of N6.20 instead of N2.00 per litre if damaged pipelines are fixed or repaired.

The House pleaded with the NPA to dredge all harbours within a one year period to allow the docking of ships in them.

A committee was set up impromptu by the House to collaborate with the Federal Ministry of Petroleum Resources to examine the price of PMS and report back for further legislative action.