Investigation has revealed that the lowest price which the Premium Motor Spirit can be sold without subsidy is N400/litre
According to The PUNCH, this was disclosed by Oil marketers on Sunday.
Last month, The PUNCH exclusively reported that the administration of Nigeria’s President, Major General Muhammadu Buhari (retd.), could spend not less than N10.976tn as subsidy petrol from when it came to power in 2015 till May 2023.
Also explaining the reason for long queues which is as a result of scarcity of petrol nationwide, they said PMS imports charges were becoming unbearable for the sole importer of the commodity – the Nigerian National Petroleum Company Limited.
According to them, the NNPC had been subtly pushing these charges to depot owners.
It was gathered that depot owners, on their part, were also passing the fees to filling stations, which in turn pushed it to the product’s final consumers. This development caused the price of the commodity at the pump to increase.
Additionally, it was learned that the Federal Government had covertly permitted depot owners to increase the ex-depot price of gasoline to approximately N185/litre, up from the previously approved rate of N147/litre.
