The Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that reduction of pump price of Premium Motor Spirit, PMS, also known as petrol, was not realizable under the current realities, adding that it should have been higher in the first place.
This follows recent allegations by the House of Representatives, that the Agency is making life difficult for Nigerians by making them incur unnecessary costs in its pricing template.
PPPRA said it cannot be held responsible for the prevailing N145 pegged price as it cannot on its own determine the pricing template.
It pointed out that the Nigerian National Petroleum Corporation, NNPC; the Major Marketers Association of Nigeria, MOMAN; the Nigerian Maritime Administration and Safety Agency, NIMASA; and Depot and Petroleum Marketers Association, DAPMA, and the Nigerian Labour Congress, NLC, were all carried along in pegging the pump price of PMS at N145 per litre.
Recall that an Ad-hoc Committee of the House on the Review of Pump Price of Petrol, at a public hearing earlier in the week had called for the reversal of the current petrol price from N145 per litre to N70 a litre.
The Committee said the 84k port charge and the 30k administration charge were fraudulent.
A top ranking PPPRA official, told The Guardian that all the stakeholders came to the table to decide how much a litre of petrol should be sold.
He said, “PPPRA should not take the blame alone. The whole stakeholders should be blamed for the current template.
“Whenever we review, the stakeholders and the government approve for execution. The template is only domiciled in PPPRA.”
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