Subsidy: Fuel Price In Filling Stations Should Be ₦900 Per Litre – IPMAN’s Chinedu

The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu has claimed that the president Bola Tinubu administration has returned fuel subsidy.

According to him, if there were no fuel subsidy petrol prices at the pumps should be around ₦900/litre.

Naija News reports that the pump price of petrol is currently between ₦600 and and ₦700/litre depending on the area of purchase.

Speaking to Punch, Chinedu argued that the government was carrying out quasi-subsidy.

He said, “I’ve said before that the PMS subsidy had been returned, and the government said it was a lie. I said before that the government is subsidising PMS and it is on till this moment. I said before that what the government was doing was quasi-subsidy and that has not changed.”

When asked what would have been the landing cost of petrol at the depots and tank farms if there was no subsidy on the commodity, he replied, “Going by the steady appreciation of the naira against the dollar lately, the amount being spent as subsidy on petrol should be on the decline.

“Since the dollar is currently around ₦1,000, then PMS landing cost should be around N800/litre, while the cost at the pumps should be nearing N900/litre.”