RIPPLES NIGERIA
Between 2019 and 2022, N173.2 billion was spent by the Federal Government to ensure equality of pump price of Premium Motor Spirit (PMS) at retail stations across the country, however, oil marketers sold at various prices.
Ripples Nigeria gathered that N173.2 billion was paid to oil marketers to transport 11.6 billion litres of petrol to filling stations across the country.
According to the Federal Ministry of Petroleum Resources data, the payment was made in respect to PMS price equalisation done by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to prevent retailers from selling at various prices due to product transportation cost.
However, despite financing the trucking of the product, both the Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Association of Nigeria ((IPMAN) have been selling above the N179 to N180 per litre government-approved pump price.
It was gathered that major oil marketers have been selling above N200 per litre, while independent petroleum marketers sell the product above N230 per litre as demand surpasses supply.
Meanwhile, Ripples Nigeria had previously reported that the Minister of State for Petroleum Resources, Timipre Sylva, said fuel at N300 per litre is not too expensive for Nigerians when compared to the price of PMS at western and Arabian countries.
“If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand,” Sylvia said.
The minister added that, “When you convert the N300/litre that you are…
Connect with us on our socials: