Senate President says no plans to increase petrol pump price

It has been reported that the Senate's reason to jack up petrol price is part of measures to generate funds for roads repairs and maintenance.

The media reports emanated from the recommendations contained in the report by the Senate Committee on Works on the National Roads Fund Establishment Bill 2017.

The Committee proposed that a levy of N5 should be imposed on every litre of Premium Motor Spirit (petrol) and Automobile General Oil (diesel) imported or refined in the country.

It also proposed tolling on federal roads and 0.5 per cent of transport fares paid by passengers using mass transit for inter-state trips to generate fund for the rehabilitation and maintenance of road infrastructure in the country.

However, a statement issued on Saturday, June 3, by Saraki's New Media spokesman, Bankole Omisore, said there is no such plan to increase pump price.

Omisore explained that 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 sustainable maintenance of roads from the pricing template of petroleum products.

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According to him, while the unanimity was on a percentage, opinions varied as to what percentage.

"Some argued for 25, 11, 7 and 5 per cent of the value of the price of the product," he noted.

He said what the Senate adopted was "the minimalist approach to ensure that our roads can come back to life."