Fuel Should Cost ₦700–₦750, Not ₦900 — PENGASSAN Blasts Marketers for Exploiting Nigerians
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused fuel marketers of exploiting Nigerians by inflating petrol prices, insisting that Premium Motor Spirit (PMS) should be selling for no more than ₦750 per litre.
Speaking at a press conference in Abuja, PENGASSAN President Festus Osifo said the actual landing cost of fuel does not support the current price of ₦900 per litre.
“With crude oil now trading around $62–$65 per barrel, the pump price of petrol should be between ₦700 and ₦750 per litre,” Osifo stated. “There is no justification for Nigerians to continue paying ₦900 when the international benchmark has dropped.”
Osifo criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to act against product suppliers exploiting deregulation to inflate prices.
He also addressed the persistent shutdowns of Nigeria’s state-owned refineries, particularly the Port Harcourt refinery, attributing them to political interference rather than genuine operational concerns.
“These shutdowns are often political decisions, not technical ones,” he said. “For over 15 years, PENGASSAN has been advocating for the NLNG model — where government holds a minority stake and allows private investors with global refinery experience to manage operations. This will reduce political influence and ensure efficiency.”
Osifo urged the federal government to replicate the Nigerian Liquefied Natural Gas (NLNG) model in refinery management to minimize government interference, attract international investment, and restore refinery productivity.
He further raised alarm over growing insecurity in oil-producing regions, which he said is driving multinational oil companies to leave Nigeria.
“Insecurity is the major reason international oil firms are divesting. Securing assets in Nigeria has become too expensive, making other African countries like Mozambique, Angola, and Congo more attractive.”
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