PENGASSAN Advocates for N400/Litre Pump Price for Petrol

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has advocated for a pump price of around N400 per litre for Premium Motor Spirit (PMS), commonly known as petrol, after the removal of subsidy. PENGASSAN President, Festus Osifo, made this disclosure during the association’s National Executive Council meeting held in Abuja.

This statement follows recent comments from other groups in the downstream sector of the Nigerian petroleum industry, who suggested that the removal of subsidy could push fuel prices to N750 per litre. The Minister of Finance, Zainab Ahmed, had earlier stated that the government would begin implementing its fuel subsidy policy in the second quarter of the year.

Osifo explained that the Nigerian National Petroleum Company (NNPC) is currently the sole importer of PMS, and they determine petroleum pricing using the Central Bank of Nigeria (CBN) exchange rate. He added that the current exchange rate should put the price of PMS between N360 and N400.

The association also urged all its organs nationwide to ensure that fuel is made available to Nigerians and threatened to revoke the licenses of petroleum marketers hoarding petrol. Furthermore, Osifo emphasized that functional local refineries will not only make fuel more affordable but also create jobs for Nigerians.

PENGASSAN has reiterated its support for the full deregulation of the sector while urging the government to increase the pace of the current rehabilitation exercise of refineries and get them back on track in due time.

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