PENGASSAN Condemns Marketers Over Rising Petrol Prices
Petrol prices in Nigeria have skyrocketed, with pump prices now between N850 and N900 per litre, prompting strong criticism from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
During a press conference in Abuja on Monday, PENGASSAN President Festus Osifo accused petroleum marketers of exploiting Nigerians, despite the drop in global crude oil prices.
“If you check the PLAT cost per cubic metre of PMS and convert it to naira, even with crude at $60 per barrel, petrol should retail between N700 and N750 per litre,” Osifo said.
He attributed the unjustified price hikes partly to the tanker drivers’ strike in Lagos and escalating tensions in the Middle East, which have disrupted fuel distribution and supply chains.
NMDPRA Blamed for Regulatory Failures
Osifo strongly criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to enforce transparent pump pricing, allowing marketers to take undue advantage of Nigerians.
“It is the function of the regulator to ensure Nigerians are not exploited. We call on NMDPRA to establish a platform to publish expected price ranges,” he said.
He warned that without decisive regulatory oversight, Nigerians would not benefit even if crude oil prices drop further.
Political Interference Behind Refinery Shutdowns – PENGASSAN
Osifo also slammed the continued shutdown of Nigeria’s state-owned refineries, describing them as a result of political interference rather than genuine technical or operational issues.
He cited the Port Harcourt refinery, which has absorbed over $2.5 billion in rehabilitation funding with no substantial output to show for it.
“The shutdowns are political. Despite the billions spent, our refineries remain dormant,” Osifo noted.
NLNG Model Proposed as a Lasting Reform Strategy
Reaffirming PENGASSAN’s position, Osifo urged the federal government to adopt the NLNG ownership model, where private investors hold 51% and the government retains 49%.
“We’ve been calling for this model for more than 15 years. It works — and Nigeria must apply it to refinery management,” he said.
Executive Order on Upstream Sector Applauded
PENGASSAN welcomed the recent executive order to reduce operational costs in Nigeria’s upstream oil sector. Osifo cited the financial burden companies face due to insecurity, which forces them to privately secure oil facilities.
He also confirmed that PENGASSAN has resolved a labour dispute with Sterling Oil Company concerning its expatriate staffing practices.
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