The Senate has denied that it planned to increase Premium Motor Spirit (PMS) price from N145 to N150.
The clarification, contained in a statement by the Senate spokesperson, Mr. Bamikole Omishore, followed the massive public condemnation trailing the proposal.
The Senate spokesperson, Mr. Bamikole Omishore, in a statement clarifying the stand of the Senate, said: “At the public hearing on the National Roads Fund Bill the stakeholders were unanimous on the need to access a percentage of the funds for the sustainable maintenance of roads from the pricing template of petroleum products.
“While the unanimity was on a percentage, opinion varied as to what percentage. Some argued for 25%, 11%, 7% and 5% of the value of the price of the product.
“This position was held strongly since most other African countries have actually implemented an average of N25 surcharge on petroleum products for the maintenance of their roads.
“It was the widely-held view that we may not be able to go that far in view of the economic challenges the country was going through and the need to ameliorate the suffering of the ordinary Nigerian.
“The technical committee in reviewing this submission determined that even at a surcharge of 5% which leaves the value at about N11 (at the current price of PMS) will be untenable.
“Not only due to implementation challenge that would have required that at all times, the surcharge will mean an addition burden is placed on Nigerians beyond the cost of the petroleum product.
“Rather it was agreed that the charge be pegged at N5 and implemented within the existing charges template rather than a calculation arrived at in addition to the price of the product.”
He added that the charge is to be accommodated within the pricing charge template in effect within the PPPRA and that it was to ensure that our roads can come back to life.
