The House of Representatives has called on the Ministry of Petroleum Resources and Petroleum Products Prices Regulatory Agency (PPPRA) to review the current price of petrol to N70.04 per litre.
The call followed a motion by a member, Abubakar Fulata, titled “Urgent Need to Review the Petroleum Price Template”.
Moving the motion, Fulata expressed dismay over the circulating rumour of a possible hike in the price of petrol in the country.
He said the current price of PMS could be reviewed downwards without affecting the profit margin of marketers and transporters.
He said the landing cost of petrol remained N119.74, while the distribution cost and margins of marketers stood at N18.37.
Following his detailed presentation, the House therefore urged the NPA to dredge all harbours within a period of one year to enable ships dock in them.
The House also set up an ad-hoc committee to interface with the Federal Ministry of Petroleum Resources on the review of the price of PMS and such related matters and report back within weeks for further legislative action