ABUJA, NIGERIA – The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) predicts that the price of Premium Motor Spirit (PMS), also known as petrol, will range between N360 and N400 per litre after the removal of the subsidy regime.
PENGASSAN President Festus Osifo made this announcement to journalists on Tuesday, March 28, 2023, during the association’s National Executive Council meeting in Abuja.
Mr Osifo explained that the current sole importer of PMS in Nigeria is the Nigerian National Petroleum Corporation (NNPC), which uses the Central Bank of Nigeria’s exchange rate of approximately N400 to N450.
“So, if you compute that into the model today, PMS should be selling for a region of about N360 to N400,” Osifo said.
Currently, petrol is sold at N184 per litre in some parts of the country, with prices slightly higher in other regions as fuel scarcity and long queues gradually subside in most cities.
The PENGASSAN president also revealed that the association has ordered all its organs nationwide to ensure fuel availability for Nigerians and threatened to revoke the licenses of any members found hoarding petrol.
Osifo emphasized the importance of functional local refineries in making fuel affordable and providing job opportunities for Nigerians. He suggested that funds from the removed fuel subsidy could be used to resolve the re-occuring strike by the Academic Staff Union of Universities (ASUU).
“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,” Osifo advised.
He also urged the incoming administration to address the currency swap and sporadic fuel scarcity across the country, and to implement palliatives for Nigerians to help alleviate the impact of the fuel subsidy removal.
