BREAKING: Oil Marketers Defy Federal Government, Assert Fuel Subsidy’s Return, Setting N800/Litre as Minimum Petrol Price

Oil marketers have challenged the Federal Government’s assertion that there is no fuel subsidy in Nigeria. They assert that unless there is a subsidy, the current price of Premium Motor Spirit (PMS), also known as petrol, should not be less than N800 per liter..CONTINUE READING HERE

As of now, petrol is being sold at prices ranging between N580 and N617 per liter. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), denied the reintroduction of fuel subsidy on October 9, attributing the long queues at petrol stations to distribution challenges rather than a supply shortage.

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However, oil marketers continue to insist that fuel subsidy has indeed been reinstated, pointing out that the landing cost of petrol was N720 per liter last week. They expressed dissatisfaction with Kyari’s statement and accused the government of concealing the truth.

Chief John Kekeocha, the National Secretary of the Independent Petroleum Marketers Association of Nigeria, criticized the government’s decision to remove the subsidy without considering the consequences. He argued that the government was effectively subsidizing fuel because it maintained a similar pricing structure despite a significant increase in the exchange rate.

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Kekeocha raised concerns about the impact of high diesel costs on filling stations, stating that the cost of bringing PMS from one location to another, particularly in the Northern states, was well above N700 per liter. He added that the inability of independent marketers to compete due to high diesel costs and forex issues was leading to a reduction in the number of operational filling stations.

He emphasized that only subsidy could maintain the current fuel prices, and if not addressed, prices could soon exceed N800 per liter. Kekeocha suggested that the government should have focused on making refineries operational to reduce dependence on imports and lower local fuel costs.

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Benneth Korie, the National President of the Natural Oil and Gas Suppliers Association of Nigeria, echoed the sentiment that fuel subsidy was gradually making a return, as filling stations were closing due to economic pressures in the downstream oil sector….CONTINUE READING HERE