NARTO lauds move as Buhari approves additional N10 for PMS transporters

PRESIDENT Muhammadu Buhari has approved an additional N10 for transporters of Premium Motor Spirit ( PMS) across the country.

Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority ( NMDPRA), Farouk Ahmed, who disclosed this in Abuja, yesterday, said the approval followed consultations with industry- wide stakeholders at the instance of the Authority.

Ahmed, who revealed that the increment takes effect from June 1, 2022, said: “In line with the mandate of the Authority, as prescribed in the PIA ( Section 31( i)), to develop and enforce a framework on tariffing and pricing for natural gas and petroleum products, the transporters freight rate has been reviewed to reflect current market realities.

“The revised freight rate takes effect from June 1, 2022 while still maintaining the current regulated PMS pump price of N165.00 per litre.”

President of NARTO, Oatman Lawal, lauded the increment, saying it will reduce the hardship transport owners go through in their operations.

He said: “We will like to place on record our appreciation to the President, Minister of State for Petroleum, Timipre Sylva, and Farouk Ahmed for coming to our rescue.

“The truth is that most of our members have started to consider quitting the business because it was no longer sustainable. The prices of diesel, trailer batteries, tyres and other materials we use have gone up so much that we can no longer sustain our operations.”

Ahmed, meanwhile, hinted that an interagency team would be constituted to ensure reconciliation and payment of outstanding transporters’ claims, in line with established payment procedures under the Bridging Fund Scheme.

He added that the review was necessitated by upswing in the global price of petroleum products, especially Automotive Gasoil ( Diesel), and its implication on the cost of transporting Premium Motor Spirit ( PMS) nationwide.