IPMAN: Petrol Prices At Filling Stations Should Be ₦900 Per Litre, Claims Subsidy Returned By Tinubu Gov’t

IPMAN: Petrol Prices At Filling Stations Should Be ₦900 Per Litre, Claims Subsidy Returned By Tinubu Gov’t

Ukadike Chinedu, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), asserted that the administration of President Bola Tinubu has effectively reinstated fuel subsidy. According to Chinedu, if there were no subsidy, petrol prices at filling stations should be around ₦900 per litre…..READ ALSO Petrol Prices Across Nigeria’s 36 States And FCT

Presently, the pump price of petrol fluctuates between ₦600 and ₦700 per litre depending on the location of purchase. Chinedu argued that the government’s actions amount to a form of quasi-subsidy.

In an interview with Punch, Chinedu reiterated his stance on the presence of subsidy, despite government denials. He stated, “I’ve said before that the PMS subsidy had been returned, and the government said it was a lie… what the government was doing was quasi-subsidy and that has not changed.”

When questioned about the potential landing cost of petrol at depots and tank farms in the absence of subsidy, Chinedu suggested that, considering the recent appreciation of the naira against the dollar, the subsidy expenditure should be decreasing. Based on this assessment, he estimated the landing cost of petrol to be around N800 per litre, with the pump price nearing ₦900 per litre.

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