President Muhammadu Buhari has approved an increase in freight rate paid to tankers involved in movement of petroleum products.
The approval was announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority after the transporters complained that they were finding it difficult to buy diesel at N850/litre for their tankers.
In a statement by the regulatory agency on Thursday, Buhari approved the upward review of the freight rate to address the increasing fuel queues in Abuja.
A statement from the agency reads, “His Excellency, President Muhammadu Buhari, has considered and approved the upward review in freight rate for transporters to alleviate the challenges associated with the distribution of Premium Motor Spirit (popularly called petrol) nationwide.
“The approval was after due consultations with industry-wide stakeholders at the instance of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.”