Former presidential spokesperson Doyin Okupe has appealed to the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers to refrain from actions that could tarnish President Bola Tinubu’s reputation among the Nigerian populace.
In a statement titled “Dangote Refinery, NNPCL, Oil Marketers and the Voodoo of PMS Pricing,” Okupe urged all stakeholders in the oil sector to be mindful of the hardships faced by Nigerians.
He expressed concern that the current developments in petrol pricing seem designed to cast the government, which has distanced itself from petroleum pricing, in a negative light, while unjustly assigning blame to President Tinubu.
“The lack of clarity and transparency in establishing the appropriate pricing for Premium Motor Spirit (PMS) is a national disgrace,” he stated. “The insensitivity displayed by these agencies towards the struggles of Nigerians is beyond comprehension.”
Okupe provided data showing that the Free On Board (FOB) price of PMS in Rotterdam was $0.541 per litre as of Friday, translating to approximately N927.82 at an exchange rate of N1,715 to $1. He noted that the landing cost of PMS in Lagos is N978 per litre and that local refineries bypass the freight costs associated with European ports, which is about N85 per litre.
“Based on all accurate calculations, no local refinery should be selling above the FOB price at Rotterdam, minus the freight savings of N85, which results in a price of N842.83,” he asserted.
Okupe, who previously served as the Director-General of Peter Obi’s 2023 Presidential Campaign Council, challenged NNPCL, Dangote Refinery, and oil marketers to dispute his claims.
It is worth mentioning that just three weeks after raising the price of petrol, NNPCL has once again increased the pump prices of the fuel. The national oil company adjusted the retail price of petrol in Abuja from N1,030 to N1,060 per litre, while in Lagos, the price rose from N998 to N1,025 per litre.
