Ignore Rumour Of Fuel Price Hike — PPPRA

Tank farm for petroleum product storage

Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, said Nigerians should ignore rumours of an impending hike in the price of Premium Motor Spirit, PMS, also known as petrol.

Vanguard report continues:

The PPPRA, in a statement by its Executive Secretary, Mr. Abdukadir Saidu, disclosed that the price of PMS remained ₦145 per litre nationwide, adding that there was no attempt to hike the price of the commodity by ₦5 per litre.

The statement read: “The PPPRA has observed the growing speculation on a purported imminent increase in the pump price of Premium Motor Spirit, PMS, by ₦5.00 per litre. The agency hereby wishes to dispel this rumour and assuage the concerns of Nigerians.

“As the agency of government saddled with the responsibility of regulating petroleum products pricing, supply and distribution, we want to assure the Nigerian public that the subsisting pump price cap for PMS remains ₦145 per litre across the country and as such, Nigerians should please ignore the speculation on price increase.

“We again wish to assure all Nigerians that pursuant to its mandate, the PPPRA shall not fail in its efforts geared towards ensuring products availability, and at regulated price, for the benefit of all.”

Rumours of an impending hike in the price of PMS were triggered by a Bill in the Senate, which is seeking to introduce a fuel levy of ₦5, chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products. This was in addition to a number of taxes and levies, which the Bill is proposing to be used to fund the proposed National Roads Fund.

The recommendations are contained in a report by the Senate Committee on Works on a Bill for an Act to Establish the National Roads Fund for the purpose of financing the Maintenance and Rehabilitation of National Roads and for other Matters connected therewith, 2017( S.B 218) presented by its chairman, Senator Kabiru Gaya.

In the report, the committee recommended that the proposed National Roads Fund be funded through axle load charges, toll fees, a percentage not exceeding 10 per cent of any revenue paid as use charge per vehicle on any federal road designated as a toll road, excluding PPP roads.

It also stated that every passenger would pay additional charge of 0.5 per cent. Another source of revenue for the National Roads Fund include international vehicle transit charges, inter-state mass transit user charge of 0.5 per cent deductible from the fare paid by passengers to commercial mass transit operators on inter-state roads.

Other sources of revenue recommended by the committee are Roads Fund surcharge of 0.5 per cent chargeable on the assessed value of any vehicle imported at any time into Nigeria; lease, license or other fees which shall be 10 per cent of the revenue accruing from lease or license or other fees pertaining to non-vehicular road usages along any federal road.

However, Senate President, Mr. Bukola Saraki, had clarified that the proposed National Road Fund Bill recommended by the Senate Committee on Works would not lead to any increase in the current pump price of fuel.