LAWMAKERS WANT PETROL SOLD AT N70 PER LITRE
Reps
Lawmakers want petrol sold at N70 per litre


The lawmaker called for a realistic template will bring down the price of petrol to N70.04 per litre.

» more A worker fills the tank of a car at a petrol station in Cairo, file. REUTERS/Mohamed Abd El Ghany


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.

If this can be implemented the HOR will have my aumost respect.
If this is the only thing they are able to achieve it is more than enough for me

The committee is expected to report back to the house within eight weeks for further legislative action. .......
8 weeks is way too long....can't they just expedite this action in less than 2weeks?

PHC1stBorn:
The committee is expected to report back to the house within eight weeks for further legislative action. .......
8 weeks is way too long....can't they just expedite this action in less than 2weeks?

They need to work on the modalities. If at the end there is a positive result. It will be worth it.

This is pure foolishness. What next, dictating to market women how much they can sell their garri and akara for? It's as if all of you cheering this don't remember the queues from earlier in the year, before prices were allowed to rise - you can't order people to lower their prices without expecting shortages to appear.

Hopefully enough assembly members will have taken basic economics for this idiotic proposal to go nowhere.