Tag: Petrol Price

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House of Reps Reject Motion to Halt Increase In Petrol Price

In a session held on Wednesday, the House of Representatives declined a motion aimed at halting the surge in the price of Premium Motor Spirit (PMS), commonly known as petrol, and reverting it back to the previous rate of N537 per liter.

Instead, the House resolved to launch an investigation into the sudden escalation of fuel prices and the subsequent rise in transportation fares across the country.

The House said since it has already resolved to investigate the increase, it will amount to pre-empting the work of the investigative committee by ordering the suspension of the price increase.

In a motion of urgent public importance by Hon. Ikenga Ugochinyere, the House asked the group Managing Director of the Nigeria National Petroleum Company Limited, Mele Kyari and oil marketers to appear before an ad hoc committee to explain the increase.

The ad hoc committee is also find ways ensuring effective distribution of palliatives to Nigerians to cushion the effect of subsidy removal.

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‘PRICE OF PETROL SHOULD BE N256 PER LITRE’ – NNPC BOSS, KYARI

The Nigerian National Petroleum Corporation, NNPC, has said the cost of Premium Motor Spirit, PMS, in the country should be N256 per liter.

Mele Kyari, Group Managing Director, GMD, of NNPC, disclosed this while appearing on Channels Television yesterday.

Kyari noted that there is nowhere in the world where Diesel sells more than petrol.

The NNPC boss stated that the petrol pump price is meant to reflect the current crude oil price which stands at $74.40 per barrel at the international market.

He said: “Today we are paying N162/liter (for petrol). I am sure many people buy AGO (Diesel) in the market and it is selling at N280/liter in the Market today.

“So (there is) nowhere in the world diesel sells more expensive than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market, you are going to sell it above that price you have seen.

“Today, from what I can remember, I checked the number two days ago; what would we sell if we are at the filling station today and recover our cost fully is around N256/liter.”

Kyari also disclosed that the government was negotiating with the Nigerian Labour Congress (NLC) over the cost of petrol.

Meanwhile, Kyari had stated that the inability to find a suitable price for petrol is responsible for the continued subsidy scheme.

The NNPC is presently the only official importer of petroleum products into Nigeria.