Tuesday, 31 January 2017

FG agrees with Oil marketers to maintain Petrol price at N145/litre. cc @DrJoeAbah

The Federal Government and major oil marketers in the nation’s downstream sector have reached an agreement to retain the cost of Premium Motor Sprit (PMS), otherwise known as petrol, at the current price of N145 per litre.

At a two-day consultative forum of the downstream petroleum sector convened by the presidency earlier in the week, the two sides said they had harmonised efforts at ensuring regular supply of petroleum products across the country. On their part, the marketers said they had resolved to support the federal government’s effort in ensuring sustained and stable supply of petroleum products across the country at the government approved rates.

There had been apprehension that the federal government was planning to increase the pump price of petrol after marketers complained that the landing cost of the refined products could no longer be sustained at the price of N145 per litre. However, the marketers, under the umbrella of Major Oil Marketers Association of Nigeria (MOMAN) among others, were said to have agreed with the federal government on the need to address issues that may impede the uninterrupted supply of petroleum product and lead to price distortions.


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