The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) revealed that after the subsidy regime, a litre of Premium Motor Spirit (PMS), also known as petrol, should cost between ₦360 and ₦400.
PENGASSAN President Festus Osifo made this known to journalists on the sidelines of the association’s National Executive Council meeting on Tuesday in Abuja.
When asked what the price per litre of petrol should be after the subsidy is removed, Osifo stated, “Today, the NNPC is the sole importer of PMS into Nigeria.” The NNPC uses a CBN exchange rate that ranges from N400 to N450 depending on the day and the window that you are looking at. So, if you plug that into the model today, PMS should sell for around N360 to N400.”
A litre of petrol is currently sold for N184 in some parts of the country and slightly higher in others, despite the fact that fuel scarcity and long queues are gradually diminishing in most cities.
However, Osifo stated that the association has compelled all of its organs across the country to make fuel available to Nigerians and has threatened to revoke the licenses of any member found to be hoarding petrol.
He stated that operational local refineries will not only make fuel more affordable, but will also provide jobs for Nigerians. Then he suggested that the money saved from fuel subsidies be used to end the Academic Staff Union of Universities’ ongoing strike (ASUU).
He said, “While maintaining our support for the full deregulation of the sector and the significant milestone achieved in this regard, we counsel that efforts be made to increase the pace of the current rehabilitation exercise of refineries and get them back on track in due time.”
According to Osifo, the incoming administration must address the currency swap as well as sporadic fuel scarcity across the country, while palliatives must be made available to Nigerians to mitigate the impact of the removal of fuel subsidies.
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