JUST IN: Fuel price/electricity tariff: FG, labour to reconvene Feb 22 | READ DETAILS

The resolution was reached at the end of the meeting between the representatives of the organized labour and the Federal Government team on Monday night at the Old Banquet Hall, Presidential Villa, Abuja.

Briefing journalists at the end of the bipartite meeting, the Minister of Labour and Employment Senator Chris Ngige, said they received and adopted the report of the Technical Committee on Premium Motor Spirit (PMS) Pricing Framework, while that of the Electricity Tariff Committee was expected in a week's time.

Senator Ngige said the organised labour requested for some time to subject the report on PMS Pricing to their organs for further investigation. According to him, "It is a technical report, so they needed further investigation of the report by their own technical research team. The Technical Committee on electricity tariff has not finished. We expect the report in a week's time. So, cogently, we are reconvening on 22nd of this month to take both reports.ÔÇØ

The report of the Technical Committee on PMS Pricing was presented at the meeting by the Chairman of the Committee, Onochie Anyaoku, a former Executive Director, Refineries Operation and Petrol Pricing in NNPC.

Anyaoku, in his presentation, said that the report was a hundred per cent owned by the membership of the technical committee and they have all endorsed it.

He recalled that the terms of reference, jointly agreed to by the bipartite parties include to review the cost of supply and incidental commercial costs of PMS and arrive at the basis of determining market reflective pump price gap under the template of the PPPRA Act, to engage all relevant stakeholders to establish the price review framework and to carry out any other assignment that will facilitate the work of the committee.

He further said the committee at its meeting on December 16 developed guiding principles and a work schedule, technical and distinct from the primary function of PPPRA, to develop a transparent methodology and a template that will serve as the guide on realistic PMS pump price and benchmark all pricing elements of the PMS pricing template, with neighbouring countries.