The House of Representatives on Monday, criticized the current pricing system of premium motor spirit by the Petroleum Products Price Regulatory Agency (PPPRA), describing it as “fraudulent”.
The lawmakers insisted that Nigerians should not buy petrol for more than N70 per litre.
The arguments were canvassed when an ad hoc committee of the House on the Review of Pump Price of Petrol, opened a public hearing at the National Assembly in Abuja.
The PPPRA, Nigerian Ports Authority and Nigerian Customs Service officials were all quizzed by the committee.
“In the 2017 budget, which is before us, PPPRA has a proposal of another N500m for regulation, monitoring and supply of petrol,” Chairman of the committee, Nnana Igbokwe said.
“This 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,” Igbokwe added.
“This has left Nigerians in a situation whereby they still pay for lightening services for smaller vessels that go to Cotonou or Lome to offload products from mother vessels.
“PPPRA will then add the cost to the pump price and ask Nigerians to pay,” Igbokwe added