The Nigerian government has introduced a new price band for Premium Motor Spirit (PMS) also referred to as petrol, pegging the highest price at 145 Naira per litre.
The new price was set on Wednesday after a meeting of various stakeholders presided over by the Vice President, Professor Yemi Osinbajo.
The meeting had in attendance the leadership of the Senate, House of Representatives, Governors Forum, and labour unions – the Nigeria Labour Congress, Trade Union Congress, NUPENG, and PENGASSAN.
At the meeting, it was emphasised that the main reason for the current problem was the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the Federal Government.
As a result, private marketers have been unable to meet their approximate 50 per cent portion of total national supply of PMS.
In order to increase and stabilise the supply of the product, the government said any Nigerian entity could now import the product, subject to existing quality specifications and other guidelines issued by regulatory agencies.
A statement by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said all oil marketers would be allowed to import PMS on the basis of foreign exchange procured from secondary sources, which would be reflected accordingly in the PPPRA template for pricing of the product.
The new price was set on Wednesday after a meeting of various stakeholders presided over by the Vice President, Professor Yemi Osinbajo.
The meeting had in attendance the leadership of the Senate, House of Representatives, Governors Forum, and labour unions – the Nigeria Labour Congress, Trade Union Congress, NUPENG, and PENGASSAN.
At the meeting, it was emphasised that the main reason for the current problem was the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the Federal Government.
As a result, private marketers have been unable to meet their approximate 50 per cent portion of total national supply of PMS.
In order to increase and stabilise the supply of the product, the government said any Nigerian entity could now import the product, subject to existing quality specifications and other guidelines issued by regulatory agencies.
A statement by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said all oil marketers would be allowed to import PMS on the basis of foreign exchange procured from secondary sources, which would be reflected accordingly in the PPPRA template for pricing of the product.
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