The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, Dr. Joseph Obele, has called in the Nigerian National Petroleum Company Limited (NNPCL) to tell Nigerians the truth about the continued payment of subsidy for premium motor spirit (PMS) in the country.
Obelle, in a statement made available to newsmen in Port Harcourt yesterday, said the NNPC has been paying what is described as “differentials” for imported petroleum products.
He said: “Importers of petroleum have lamented the rise in landing cost at the international market, as it is above the retail selling rate in Nigeria. It is obvious that landing cost today is close to ₦800 per litre.
“The GMD is correct that they are recovering the difference hence they are selling Crude oil for Nigerian and subtracting the extra cost of PMS from the proceeds of the crude.
“Call it recovery, call it differentials.
It is all fuel subsidy you are paying because landing cost is far above the selling rate. What is the difference between half a dozen and six?
“We understand that the word of Mr President is a bond and it must be uphold on the ground that he said subsidy is gone. Therefore it is appropriate to call it any other name than calling it subsidy just to protect the dignity and integrity of the office of Mr. President.
“Nigeria will be saved from this grammatical dilemma when we start refining locally in Nigeria and stop importing from the international market. The external variables at the international market are reasons for all the unwarranted statements.
We should anticipate more price turbulence in the international market arising from the recent Israeli and Palestinian tension. The earlier we fix Nigeria owned refineries, the better for us as a nation.”