Amidst crippling fuel crisis in the country, the Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that there is no basis for the situation.
According to the association, there is no reason to increase the price of premium motor spirit (PMS) across the country.
The disclosure was made by PENGASSAN in a statement released on Monday and jointly signed by Festus Osifo, president; and Lumumba Okugbawa, the association’s secretary-general.
According to PENGASSAN, data made available to the union showed there were over 30 days of PMS sufficiency in the country.
The association regretted the hardship that Nigerians were being subjected to as a result of the scarcity and price increase.
“We understand that the parameters imputed into the old Petroleum Products Pricing Regulatory Agency and now Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) template has since changed,” the statement reads.
“This is because of some economic vagaries such as exchange rate fluctuation, vessel hiring cost, and cost of AGO among others.
“However, there is no sufficient justification for petrol to be selling for such highly inflated price, thereby subjecting the masses to further difficulties.”
PENGASSAN urged the management of NMDPRA to compel all marketers and retailers to make the products available at the approved price.
It also called on the regulator to immediately mobilize all its staff in various locations across the country to monitor compliance.
To act as a deterrent, PENGASSAN asked the authority to revoke the licenses of marketers who fail to comply.
“Should this collusion go unchecked, we will not hesitate to partner with other stakeholders in ensuring that Nigerians are not further exploited,” it said.
PENGASSAN’s criticism comes amid a hike in the price of petrol at filling stations a scarcity that lasted for three months.
According to NMDPRA, the scarcity is worsened by the activity of cross-border smugglers, erring marketers, and ongoing road construction.
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