Saraki Says No Plan To Increase Petrol Pump Price

Saraki Says No Plan To Increase Petrol Pump Price

Senate President Bukola Saraki on Saturday denied reports of plans by the Upper Chamber to push for an increment in the pump price of Premium Motor Spirit (PMS).

The lawmaker, who disclosed this in a statement made available by his media aide, Bankole Omisore, said reports of a proposed N5 increase to the price of fuel is false.

The reports state that the Upper Chamber is considering such a move to generate funds for roads repairs and maintenance.

This was rooted in a report by the Senate Committee on Works on the National Roads Fund Establishment Bill 2007.

The Committee recommended a levy of N5 be imposed on every litre of Premium Motor Spirit (petrol) and Automobile General Oil (diesel) imported or refined in the country.

The panel also proposed tolling on federal roads and 0.5 percent of fares paid by passengers using mass transit vehicles for inter-state trips.

According to the senate president’s statement, during the public hearing on the National Roads Fund Bill, the stakeholders unanimously agreed on the need to access a percentage of the funds for sustainable maintenance of roads from the pricing template of petroleum products.

The unanimity, however, did not bring about a consensus percentage as “Some argued for 25, 11, 7 and 5 per cent of the value of the price of the product.”

The statement pointed out that the Senate adopted “the minimalist approach to ensure that our roads can come back to life.” 

topics from
There is no comment