The chairman of the committee while speaking on the committee’s preparation for the probe said that the committee is worried about the scarcity of kerosene especially the high price of the product.
Browsing: Hon. Joseph Akinlaja
The bill provides that the benefits to be derived by non-oil communities will be less than those for communities where oil exploration and production take place.
“What happened, in simple language, is a rebalancing of the margins allowed and approved for stakeholders. So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance. That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre,” he said.
The minister, according to the statement thanked the National Assembly for supporting the government’s introduction of the price modulation template in May 2016 which he added led to the disappearance of fuel queues in the country.