Home Local News President Buhari approves increase in freight rate for transporters

President Buhari approves increase in freight rate for transporters

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In a bid to to alleviate the challenges associated with the distribution of Premium Motor Spirit (PMS) nationwide, President Muhammadu Buhari has approved the upward review in freight rate for transporters.

This was made known in a statement signed by the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

According to the statement, the approval was after due consultations with industry-wide stakeholders at the instance of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the Authority).

The Authority said the review was necessitated by the 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.

Consequently, the Authority advised that
the revised freight rate takes effect from 1st June 2022 while still maintaining the current regulated PMS pump price of N165.00 per litre.

It also disclosed that an Inter-agency team is being constituted to ensure reconciliation and payment of outstanding transporters claims in line with established payment procedure under the Bridging Fund Scheme.

The agency further expressed hope that the increase in transporters freight rate will further encourage Nigerian Association of Road Transport Owners (NARTO) and other stakeholders to deploy more trucks to transport PMS nationwide so as to ensure adequate supply of the product.

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