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Fuel Price: Nation Embarrassment – Okupe Chides NNPCL, Marketers
A former presidential spokesman, Dr Doyin Okupe, on Friday lambasted the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers over the controversy trailing fuel pricing.
Okupe asked the stakeholders in the oil sector to stop making President Bola Tinubu look bad before Nigerians.
In a statement titled: ‘Dangote Refinery, NNPCL, Oil Marketers and the Voodoo of PMS Pricing’, urged all key players in the sector to be sensitive to the plights of Nigerians
According to him, the emerging scenario in PMS pricing appears to aim at making the government, which is no longer involved in petroleum pricing, look bad and indirectly heap undeserved blame on President Tinubu.
“The opaqueness and lack of transparency in determining the appropriate price of PMS is a national embarrassment.
“The insensitivity of these agencies to the suffering of Nigerians is inexplicable. The FOB (Free On Board) price of PMS at Rotterdam (as of Friday) is $0.541 per litre, which is N927.82 at N1,715 to $1.
“The landing cost of PMS in Lagos is N978 per liter. Local refineries save the cost of freight to and from European ports, which comes to approximately N85 per liter of PMS.
“From every empirical but accurate calculation, no local refinery should sell above the FOB price at Rotterdam less savings from freight charges of N85, which is N842.83,” he said.
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