The Independent Petroleum Marketers Association of Nigeria, IPMAN says Petrol should be over N800 per litre without subsidy on the commodity.
Petrol now sells at between N580 per litre and N617 per litre.
On Monday, the Federal Government, through its Nigerian National Petroleum Company Limited denied reintroducing PMS subsidy.
The Group Chief Executive Officer, NNPCL, Mele Kyari, denied the reintroduction of the petrol subsidy.
He said that the queues of vehicles seen in petrol stations across the country are caused by hiccups in products’ distribution from the South to the North of the country and not a lack of supply.
“No subsidy whatsoever. We are recovering our full cost from the products that we import. There is no subsidy,” Kyari had stated.
Kyari said this about 48 hours after the Petroleum and Natural Gas Senior Staff Association of Nigeria confirmed the return of fuel subsidy.
IPMAN Secretary, Chief John Kekeocha said the government went ahead to remove the subsidy without looking at the nitty gritty involved before implementing the decision.
“You cannot wake up overnight and remove subsidy without considering the pros and cons, only for you to wake up again and start putting back the subsidy into play secretly, and you think Nigerians will not know,” he stated.
Asked to state the implications of these concerns in the downstream sector, Kekeocha replied, “I am telling you that in a very short time there will be no product anywhere in this country, apart from the tank farms that have access to diesel.
The Oil marketers denounced the NNPCL boss for stating that the government was not subsidising PMS, as they explained that fuel subsidy had returned, as the landing cost of petrol as of last week was N720/litre.
DopeReporters noted that the National Secretary, Independent Petroleum Marketers Association of Nigeria, Chief John Kekeocha, said.
“I don’t know why the government keeps peddling lies. When they removed the PMS subsidy, a dollar was about N700 and they made us believe that the removal of subsidy would make the supply of products play according to the dictates of demand and supply, looking at forex as the benchmark.
“Now, this is just simple arithmetic, if you removed the subsidy when a dollar was about N700 and today the dollar is more than N1,000, and you are still supplying and giving products at almost the same rate, what is the magic? They are subsidising products as we speak.
“They are spending billions of naira to subsidise products, and because they know that this country may go on fire if Nigerians buy products at about N1, 000/litre, they keep twisting facts. Why can’t they come out and tell the world the truth?”