The House of Representatives has advised the Petroleum Products Prices Regulatory Agency (PPPRA) to review the current price template for petrol and reduce the price to N70.

The call followed a motion by a member, Abubakar Fulata, titled “Urgent Need to Review the Petroleum Price Template”.

The lawmaker expressed disappointment recent reports suggesting the government may again increase the price of petrol in the country.

The government has denied the report.

Mr. Fulata said the current template for petrol pricing could be reviewed downwards without affecting the profit margin of marketers and transporters.

“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,” he said.

He said the landing cost of petrol remained 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,” he said.

The lawmaker said over 90 per cent of the current price of petrol in Nigeria is accounted for by transport related charges amounting to N124.34.

He said that foreign vessels charge higher for lifting petrol because Nigerian carriers that were supposed to lift 50 per cent of the products lack the capacity to do so.

Mr. Fulata said the NPA’s inability to dredge the ports despite collecting N0.84 for every litre of petrol, had caused Nigerian users to pay 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,” he said.

“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 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.

“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.

The House also set up an ad-hoc committee to liaise with the Federal Ministry of Petroleum Resources on the review of the price of petrol.

http://www.premiumtimesng.com/news/top-news/216660-reps-want-price-petrol-reduced-n70.html

Lalastical thank god making it 4 the first time in fp. Abeg make the fuel come #70

They want to give zombies something to cheer on after NCC increased price of data

can't tape now my phone is in recession

bewla:
can't tape now my phone is in recession

Naso

bewla:
can't tape now my phone is in recession

dis yur comment got me -"If you can't tape your phone then it's more than recession"

We all want the price of petroleum products slashed, the problem is whether the govt will give in to the plights of the pple.

bewla:
can't tape now my phone is in recession

you are the one at recession!!

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

- I dont see how the proposed changes would account for the downward review to N70.04

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

- Lagos State would do everything under the sun and moon to stop this proposal.

Great, at least someone is talking

hmmmm. who Una wan deceive?

Buhari no go gree o... wetin im dey take chop....

Can Buhari led regime reduce anything in Nigeria? I doubt!

After all the "subsidy is a scam"arguments? After APC scammed Nigerian of taking us to Eldorado? After NNPC is saying PMS is no more feasible at #145? Where is that Tam David-West & Fashola with their illusionary price of what petrol price should be under this clueless regime Now these fellas that have been feeding fat @ our expense are again telling us that petrol should sell at #70.Government of back & forth.Nigeria deserves it leaders.

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

- I dont see how the proposed changes would account for the downward review to N70.04

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

- Lagos State would do everything under the sun and moon to stop this proposal.

Great, at least someone is talking

Kindly pardon my ignorance. From all the charges listed above, which one goes to the Lagos state govt please?

Huh
I'm not understanding o oooh
Nigeria rep abi anoda country ooown