Nigeria at 64: Marketers, refiners upbeat on fuel price drop as Nigerians groan
The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed that the landing cost of Premium Motor Spirit, also known as petrol, was ₦1,117/litre as of Tuesday, July 16, 2024.
MEMAN disclosed this during a webinar with journalists on Wednesday.
The association revealed that the landing cost of diesel was ₦1,157/litre, while that of aviation fuel was ₦1,127/litre.
MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.
The association maintained that it would release similar information regularly to keep the masses informed.
According to Punch, filling stations operated by the Nigerian National Petroleum Company Limited (NNPC) and those of the major marketers sell PMS at between ₦617/litre and ₦660/litre, while independent marketers sell for ₦700/litre or more.
NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.
The revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.
An expert in the energy sector, Wumi Iledare told the aforementioned publication that, “The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.
“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.
Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.
[NaijaNews]
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