No Going Back On Fuel Price Deregulation – FG

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The Federal Government has stated that there will be no reversal of the deregulation policy introduced for determining the pump price of petrol.

The Minister of Labour and Employment, Senator Chris Ngige, said this on Monday at the inauguration of the 23-man Technical Committee on Premium Motor Spirit (PMS) pricing framework, in Abuja.

He said the technical committee would work to establish a more transparent method of arriving at the petroleum product price.

“Make no mistake about it, the federal government has taken a back seat and is no longer involved in price-fixing of petrol. It did not fix the current price because it was gotten from the commercials and other market-related factors,” he said.

According to him, the committee is expected to come up with a viable framework for PMS price modulation.

Ngige said the move (deregulation) was aimed at bringing relief to Nigerians and consumers by bringing the pump price to N162.44k per litre.

He said that all the stakeholders – petroleum retailers, independent marketers and the Pipeline Product Marketing Company (PPMC) had approved the new price template.

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The terms of reference of the committee include reviewing the cost of supply and incidental costs and arriving at the basis of determining market reflective pump price cap under the template of the Petroleum Products Pricing Regulatory Agency (PPPRA) Act and engaging all stakeholders to establish a price review framework.

The committee is to also carry out any other assessment that will facilitate its work.

The technical committee is expected to submit its report by January 25, 2021.

The committee has Azubike Anyaoku (Chairman) Mr. Lawal Musa (Secretary,) Mr. Umar Osifo (PENGASSAN), Mr. Williams Akporehia (NUPENG), Mr. Saidu Abdullahi (PPPRA), Mr. Ahmed Bobbi (Petroleum Equalization Fund).

Also in the committee are Mr. Ahmed Zakari (Special Assistant to the President on Infrastructure), Mr. Najeem Yasin (NLC), Mr. Nasirudeen Usman (NLC), Chief Hyginus Ouegbu (TUC), a representative of the Federal Ministry of Finance, Budget and National Planning, Mrs. C. C. Dike, and the Federal Ministry of Labour and Employment.

This comes amid protest by organised labour over recent increases in the price of petrol and electricity tariff.

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