NGIGE INAUGURATES TECHNICAL COMMITTEE ON PREMIUM MOTOR SPIRIT (PMS), PRICING FRAMEWORK
Oru Leonard
The Honourable Minister of Labour and Employment Dr Chris. Ngige has inaugurated the Technical Committee on Premium Motor Spirit PMS), Pricing Framework at Abuja today.
This is sequel to the outcome of series of Bipartite meetings between the Federal Government of Nigeria and the Organized Labour represented by Nigeria Labour Congress (NLC) & Trade Unions Congress (TUC) to fashion out a mechanism and framework to monitor and stabilise PMS pump price.
According to the Minister the Committee has the following Terms of Reference: To review cost of supply and incidental costs and arrive at the basis of determining Market Reflective Pump Price cap under the template of the Petroleum Products Pricing Regulatory Agency (PPPRA) Act, to engage all relevant stakeholders to establish a price review framework, To carry out any other assessment that will facilitate the work of the Committee.
“The Technical Committee is expected to submit its report by Monday, 25th January 2021 in the first instance to our Main Committee just like the Electricity Tariff Technical Committee will do same day”, Ngige added.
The Committee has Engr. Onochie Azubuike Anyaoku, as Chairman, Lawal Musa – Nigerian National Petroleum Corporation (NNPC), as Secretary, While members include, Umar Ajiya – Nigerian National Petroleum Corporation (NNPC), Festus Osifo – PENGASSAN, Williams Akporehia – NUPENG, Saidu Abdullahi – Petroleum Product Pricing Regulatory Agency (PPPRA) and Ahmed Bobbi – Petroleum Equalization Fund (PEF).
Others members are Mr. Ahmed Zakari – Special Assistant to the President on Infrastructure, Comrade Najeem Yasin – Nigeria Labour Congress (NLC), Dr Nasirudeen Usman – Nigeria Labour Congress (NLC), Chief Hyginus Chika Ouegbu – Trade Union Congress of Nigeria (TUC), Federal Ministry of Finance, Budget and National Planning – Member and Mrs C. C. Dike – Federal Ministry of Labour and Employment – Member
“Recall, at the last Bipartite meeting held on 7th December 2020 the meeting agreed to lower the PMS pump price by N5 with effect from today Monday 14th December 2020 aimed at bringing relief to the Nigeria people and consumers, bringing the pump price to one hundred and sixty two naira forty four kobo (N162.44k) per litre with effect from today Monday 14th December, 2020. I am happy that all the stakeholders – Petroleum Retailers, Independent Marketers and of course the PPMC has approved of the new template.
“It is expected that the Committee will work assiduously to come up with a viable framework for PMS price modulation”, Senator Ngige noted.
