Oil marketers have said that any increase in the price of Premium Motor Spirit as a result of the five per cent levy on the product as stipulated in the Petroleum Industry Governance Bill (PIGB) that was recently passed by the National Assembly will not be welcomed by Nigerians, The Punch reports.

According to the Independent Petroleum Marketers Association of Nigeria (IPMAN’s) National Vice-President, Abubakar Maigandi, while oil marketers may not kick against plans to increase the price of PMS, popularly called petrol, such a move will face resistance from the masses. At the plenary last Wednesday, the Senate passed the harmonised version of the PIGB.

Part of the proposed law seeks to establish the Petroleum Equalisation Fund “into which shall be paid all monies payable to the Equalisation Fund,” including a five per cent fuel levy “in respect of all fuel sold and distributed within the federation, which shall be charged subject to the approval of the minister (of petroleum resources).”

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