PENGASSAN Accuses Marketers of Cheating Nigerians, Says Fuel Should Be ₦700 Per Litre, Not ₦900
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused petroleum marketers of exploiting Nigerians by selling Premium Motor Spirit (PMS) at inflated prices, stating that petrol should not cost more than ₦700 to ₦750 per litre under the current market conditions.
Speaking during a press briefing in Abuja on Monday, the National President of PENGASSAN, Comrade Festus Osifo, said the current average pump price of around ₦900 per litre in several parts of the country is unjustifiable.
He said this pricing does not reflect the current crude oil prices, which have dropped to between $60 and $65 per barrel, or the naira-to-dollar exchange rate.
Osifo said that based on international benchmarks such as PLATTS and prevailing economic indices, fuel prices should be significantly lower than what Nigerians are currently paying.
He noted that about 80 percent of the landing cost of petrol is influenced by the international crude price and exchange rate, both of which have reduced in recent weeks.
He described the persistent high prices as a result of deliberate profiteering by marketers who are taking advantage of the deregulated market to extort Nigerians.
He also faulted the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to provide transparent and regular pricing templates, which would help curb such exploitative practices.
PENGASSAN called on NMDPRA to urgently resume publishing updated pricing structures to ensure that fuel pricing remains fair and just. Osifo emphasised that deregulation should not translate into unregulated exploitation, urging the federal government and regulatory authorities to act swiftly to protect consumers.
The union also expressed disappointment over the continued inactivity of the Port Harcourt refinery, alleging that political interference, rather than technical issues, is responsible for its delayed operations.
Osifo recommended that the government adopt a public-private partnership model for refinery operations similar to the Nigeria LNG structure, which he described as efficient and transparent.
He further warned that insecurity in oil-producing regions continues to impact operations negatively. According to him, rising cases of oil theft, pipeline vandalism, and threats to oil workers are making investments in the sector riskier and more expensive.
He urged the federal government to prioritise the safety of workers and infrastructure to ensure long-term stability in the oil and gas industry.
PENGASSAN’s position comes as Nigerians continue to face the brunt of high transportation and living costs driven by soaring fuel prices.
The union’s stance has sparked fresh calls for greater accountability and reform in the nation’s petroleum sector.
The federal government and relevant authorities have not yet issued a formal response to the claims as of the time of filing this report.
