Oil & Gas
THE Minority Caucus of the House of Representatives has called on the Federal Government to urgently review the Premium Motor Spirits (PMS) price downward to prevent further hardship on Nigerians.
In a statement by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) on Tuesday, the caucus said that the current price of PMS also known as petrol was biting so hard on the common man.
Chinda, however, expressed the reservations and growing concerns of the caucus over the recent statement issued by NNPC Ltd regarding the fuel pricing arrangement between the corporation and the Dangote refineries.
According to him, NNPCL statement clearly indicated that the price of fuel has been set at an alarming N950 per litre in some parts of Nigeria, and as much as N1,000 per litre in other regions.
“We find this pricing regime to be not only burdensome, but utterly unacceptable, particularly in light of the fact that this fuel is refined locally.
“The pricing of locally refined fuel should be significantly lower than imported fuel, as it lacks the incidental costs associated with landing charges, import duties, and other taxes.
“Any fuel pricing regime that disregards these factors appear to be designed to unfairly exploit Nigerians, especially at a time when the average citizen is already grappling with severe economic challenges.
“We call on the Executive, relevant regulatory bodies and all concerned stakeholders to urgently review this pricing framework to ensure that Nigerians are not subjected to unjust and unsustainable fuel prices.
“The caucus remain committed to safeguarding the welfare of the Nigerian people and will continue to engage all necessary actors to ensure fair pricing that reflects the true value of locally refined fuel,” he said.
The lawmaker said that the current pricing arrangement, if allowed to persist, would only deepen the economic hardship experienced by millions of Nigerians.
He explained that it would further undermine trust in the ability of local refineries to provide affordable solutions to the nation’s fuel needs.
Chinda reminded all stakeholders, especially NNPC Ltd and Dangote Refineries, that the primary responsibility of both public and private enterprises in the energy sector was to serve the Nigerian people, not to profiteer at their expense. (NAN)
A.I
Sept. 18, 2024
Tags: Dangote refineries NNPC Ltd Rep. Kingsley Chinda
