Decoding True Petrol Landing Cost for Nigerians

Decoding True Petrol Landing Cost for Nigerians
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Petrol Landing Cost

Adetokunbo Pearse, a member of the People Democratic Party (PDP)’s National Presidential Campaign Council, has expressed his view that Nigerians deserve transparency regarding the actual landing cost of Premium Motor Spirit (PMS), commonly known as petrol. He made these comments during an appearance on Channels Television’s Sunrise Daily on Monday. Pearse emphasized the need for a comprehensive investigation into the fluctuation of the landing cost and suggested that the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, should be scrutinized in this regard.

Petrol Landing Cost

Pearse highlighted the importance of addressing the issue at its source and proposed that the President should initiate an inquiry into NNPCL. He emphasized the necessity of announcing the true landing cost to the public, which would help determine a sustainable selling price for oil that wouldn’t harm the economy.

Petrol Landing Cost

Pearse expressed concern about discrepancies related to the landing cost of imported fuel. He pointed out that the landing cost provided by NNPCL appeared to be unrealistically low, citing examples where the cost per liter had significantly increased from 50 naira to around 150 naira. He emphasized that the discrepancies in landing costs needed to be addressed and resolved.

Petrol Landing Cost

He also noted the emergence of the Dangote Petroleum Refinery and the potential repair of local refineries as factors that should ideally reduce the landing cost of fuel. Contrary to comments made by NNPCL’s boss, Mele Kyari, Pearse believed that if Nigeria had its own functional refineries, the price of pump fuel should become more competitive and reasonable.

Petrol Landing Cost

In September 2022, NNPCL issued a statement indicating that the cost of PMS to consumers would be N462 per liter without the Federal Government’s subsidy. The statement also noted that increasing crude oil prices and supply costs above the cap set by the PPPRA (now NMDPRA) had led to oil marketing companies withdrawing from PMS import since late 2017.

Petrol Landing Cost

Overall, Adetokunbo Pearse’s statements underscore the need for transparency and accountability in determining the actual landing cost of petrol in Nigeria, particularly considering the significant impact it has on the country’s economy and citizens’ daily lives.

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