The House of Representatives has called on the Federal Ministry of Petroleum to review the current template for Premium Motor Spirit (PMS) with a view to bringing down the price. Moving the motion at the plenary session of Tuesday, November 29 2016, Hon. Abubakar Hassan Fulata (APC: Jigawa) expressed concern over the possible hike in price of PMS at a time of dwindling economic revenues, high inflation rate and unemployment.
Hon. Fulata further explained that the provision of N2.00 per litre in the template for maintenance of storage facilities has not been beneficial to the Federal Government as the funds are expended on private depot owners whose facilities are not recognized as government storage facilities. He also said that a realistic template would bring down the price of petrol to N70.04kobo without it affecting the profit margin of marketers and transporters and contribute in reducing the current inflation.
Hon. Fulata therefore urged the House to set up an Ad-hoc committee to interface with the Ministry of Petroleum Resources and report back to the House within eight (8) weeks for further legislative action.
