By Francis Etuko



The Federal Government on Friday commenced a review of the pricing template for Premium Motor Spirit, (Petrol) and noted that the price of the product will remain unchanged.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu said the review became necessary following the various pricing concerns surrounding the actual cost of a litre of petrol.

This development is coming following President Muhammadu Buhari’s and the Federal Executive Council directive to the Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation, NNPC not to allow the price of petrol go beyond N145 per litre.

Speaking at the Oil Sector Stakeholders meeting held at the headquarters of the oil ministry in Abuja, Kachikwu maintained that the pump price of petrol was N145 per litre, stressing that the PPPRA was working on reviewing the pricing template for PMS.

Kachikwu who interacted with journalists at the forum however failed to explain how the PPPRA would review the template and keep the cost of petrol at N145 per litre in the present situation where the landing cost of PMS stands at over N170 per litre.

He was however quick to stress that “PPPRA obviously develops the templates and helps monitor importation into the country. The templates have always been the issue because as prices change in the international markets, some of these templates get question mark”.

He also explained to newsmen that aspects of the templates that deals with logistics, profit margins for operators, among others were being reviewed in the pricing template by the PPPRA.

His words “ There are two lines as regards this template; there is the actual cost of landing the product, on the template, and there are other ancillary charges that deals with logistics, profit margins for the operators and all that”

“As part of this committee’s work, we are also reviewing that template to see whether there are things we need to do to help us ensure that we can accommodate sales at the N145 per litre window, so that is also going to be looked into “.

“The PPPRA is working on that and is heading a special committee on it”

The proposal before the PPPRA to review the template and ensure that petrol does not sell for more than N145 per litre has gotten marketers in the country wondering, especially at a time when the landing cost of PMS exceeds the N145 per litre.

An oil marketer who does not want to be mentioned has said they will be keeping a close watch to see how the task before the PPPRA would be achieved, even as marketers are part of the team to help PPPRA achieve the assignment before it.


http://wdn.com.ng/kachikwu-insists-petrol-must-not-sell-aboven145-per-litre/

And they 'insisted' that Nigerians shouldn't fear fuel scarcity some weeks ago. Enough of the govt inconsistencies.

In a dangerous Democratic nation like Nigerian ,it's hard to believed our leaders,because they don't match their promises with their action ,It's so unfortunate, we are really seating on time boomb!