The Federal Government says it will soon implement a decision to increase freight rate of Premium Motor Spirit, (PMS), also known as petrol ,from N7.51 per litre to N9.11 per litre.
The Executive Secretary of Petroleum Equalisation Fund (PEF), Ahmed Bobboi, stated this in a virtual goodwill message at the 21st Annual General Meeting of National Association of Road Transport Owners (NARTO) in Abuja in Suleja on Thursday.
Bobboi said the agency was waiting for Labour’s feedback on the agreement reached on the planned increase in prices of PMS and electricity in order to commence the plan.
He announced that payment of equalisation charges will continue to be paid to transporters despite deregulation.
In his address to the NARTO members, Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari,commended the association for its operations despite the daunting challenges in the country.
He urged the association to ensure that its trucks and drivers comply with safety standards at all times, which according to him has been put in place by the regulator towards ensuring a hitch-free operation at the depots and on the highway.