Chairman Independent Petroleum Marketers Association of Nigeria IPMAN Rivers State, Dr. Joseph Obele, has said following the consistent increment in the price of Crude oil, it is obvious Federal Government has Intervened by closing the price gap in the landing cost of premium motor spirit (PMS) and the selling pump price in Nigeria.
Dr. Obele who disclosed this in Port Harcourt explained that a few weeks ago the landing cost of PMS was above #700 per liter when Crude was $80 per barrel, noting crude oil is above $90 per barrel, yet Nigerians are still buying PMS at the rate of #600 per liter.
He said further that the document published by the Federal Account Allocation Committee (FAAC), indicates that NNPC LTD used part of the money in question to pay for PMS subsidy for the month of August 2023.
"The Nigerian Government on 19 July 2022, formally unveiled the launch of NNPC Ltd. It implies that NNPC LTD is now a fully commercialized public firm with the objective of profitability.
"PMS importers lamented a few weeks ago that the landing cost was above #700 per liter when Crude was $80 per barrel then. As we speak, crude oil is above $90 per barrel, yet Nigerians are still buying PMS at the rate of #600 per liter.
"Meanwhile, we are aware that the current NNPC Ltd is not a charitable organization or a government-funded organization anymore.
"The argument whether the subsidy is back in Nigeria came to an end this week when a document published by the Federal Account Allocation Committee (FAAC), sighted by some reporters showed that the Nigerian Liquefied Natural Gas (NLNG) paid $275m, naira equivalent of N169.4 billion as dividends to Nigeria through NNPC Limited for the month of August.
"The happenings or effect of external events in the international market will adversely reflect on the pump price of PMS in Nigeria because we solely rely on the importation of PMS from the international market.
Dr. Obele pointed out that Nigeria's economy will experience stability only when we commence production of PMS in Nigeria.
"Nigeria is the only shameless OPEC Member nation that has dumped its own Refinery and is busy importing from a refinery owned by another nation.
"Mr President has announced that the Port Harcourt Refinery will commence operations by December 2023 and we are hopeful because the speed of the project of recent is encouraging".
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