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House of Reps pegs petrol price at N70 per litre as massive fraud is discovered in PPPRA

– The House of Representatives has given reasons why the price of premium motor spirit, also known as petrol, should not exceed N70

– The declaration by the House was made after the discovery of fraud in the PPPRA, a subsidiary of the NNPC

The House of Representatives has discovered what can be described as fraud in a massive scale and this has to do with the Petroleum Products Price Regulatory Agency (PPPRA).

House of Reps peg petrol price at N70 per litre

There have always been crises in Nigeria’s petroleum sector

The legislators declared that with the N145 per litre in the price of petrol, the PPPRA had been defrauding Nigerians adding that the product should not sell more than N70 per litre.

The price template was imposed on consumers by the PPPRA, a subsidiary of the Nigerian National Petroleum Corporation in 2016.

READ ALSO: Residents groan as petrol price skyrockets in Kano

The Punch reports that the ad-hoc committee on review of pump price of petrol in Nigeria said, during a public hearing on Monday, January 24, 2017 while grilling officials of the PPPRA, the Nigeria Ports Authority, the Nigeria Customs Service and other industry players and marketers, that there was fraud in the sub-sector.

The report said

the lagislators questioned the 30k built into the pricing template as administrative charge when it had approved the sum of N13 billion for PPPRA for the same charge in 2016.

According to the report, another N500m was approved for regulation, monitoring and supply of petrol in 2017 by the National Assembly.

READ ALSO: Deziani Alison-Madueke allegedly breaks EFCC’s lies concerning her

The chairman of the ad-hoc committee, Nana Igbokwe, was quoted as saying: “These budgetary provisions have already taken care of the purpose for which you charge 30k on the template, yet Nigerians continue to bear the burden by paying N145 per litre,” while questioning the rationale behind another 84k built into the template as port charge paid to the NPA.

But the Abuja office of the NPA denied knowledge of the 84k payable to it.

360naze

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