Tuesday, July 5, 2022

Fuel scarcity to end soon as Buhari approves upward review of oil transporters freight rate

Must read

Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
- Advertisement -

President Muhammadu Buhari has approved the upward review in freight rate for transporters to alleviate the challenges associated with the distribution of Premium Motor Spirit, PMS, nationwide.

DAILY NIGERIAN reports that the approval may bring an end to the lingering scarcity of petroleum products across the country, occasioned by the running battle between the oil transporters and the government.

The revised freight rate of PMS, otherwise known as petrol, took effect from June 1 while still maintaining the current regulated pump price of N165.00 per litre.

The approval was after due consultation with industry-wide stakeholders at the instance of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.

READ ALSO:   APC extends membership registration exercise by 3 weeks

A statement on Thursday by the management of NMDPRA said the review was necessitated by the upswing in the global price of petroleum products, especially Automotive Gas Oil (Diesel) and its implication on the cost of transporting PMS nationwide.

Consequently, the authority advised that the freight rate be reviewed to reflect current market realities.

“In line with the mandate of the authority as prescribed in the PIA (Section 31(i)) to develop and enforce a framework on tariffing and pricing for natural gas and petroleum products, the transporters freight rate has been reviewed to reflect current market realities.

“The revised freight rate takes effect from June 1, 2022 while still maintaining the current regulated PMS pump price of N165.00 per litre.

READ ALSO:   Nigerian Army war college graduates 65 operational level officers

`An inter-agency team is being constituted to ensure reconciliation and payment of outstanding transporters claims in line with established payment procedure under the Bridging Fund Scheme.

“Meanwhile, the NNPC Limited, the sole supplier of PMS, has maintained over 32 days sufficiency in-country.

“We believe the increase in transporters freight rate will further encourage Nigerian Association of Road Transport Owners (NARTO) and other stakeholders to deploy more trucks to transport PMS nationwide to ensure adequate supply of the product,” the management said.

The authority assured the public of its commitment to building a strong and sustainable Midstream and Downstream Petroleum sector.

NAN

READ ALSO:   Nigerian govt approves genetically modified maize for farmers

the nation newspaper nigeria today latest

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

- Advertisement -
cosgrove

- Website Designed By DEBORIAN.COM, a Nigerian Web Designer and Web Developer -