Nigerians should be informed of the true landing cost of Premium Motor Spirit (PMS), according to People Democratic Party (PDP) National Presidential Campaign Council member Adetokunbo Pearse.
Dr. Pearse said on Monday that Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari should be investigated for the variation in landing cost.
“To fix an issue, one must first identify its origin. If we want to know how much money we can make and how much oil we can sell without crashing the economy, we need to know the landing cost, which the president may get by questioning NNPCL and then announcing the number to the public. He then emphasised the importance of doing so.
Returning to the NNPC, he said, would raise the landing price of imported petroleum, which he found disappointing.
You’ll be pleasantly surprised by how affordable landing is at the NNPCL. Once only 50 naira per litre, the cost of landing is now closer to 150 naira.
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In contrast to the NNPCL boss’ claim, the Lagos State Coordinator, Atiku/Okowa Presidential Campaign Support Group argues that the appearance of the Dangote Petroleum Refinery and the restoration of the local refineries should decrease the landing cost of the product.
The fact that Kyari has stated on these Channels that the price of pump petrol would not decrease despite the production of oil in Port Harcourt and elsewhere is one of the reasons I have argued that we need to go to NNPCL. We must learn more about that individual.
You and I know that if we have our own refineries and we are refining the product here, the price should be more competitive,” he reasoned. “Of course, if you process your oil here, the man is already telling us that even when it is refined here, it is still not going to go down.”
The NNPCL announced in September 2022 that the price of PMS without Federal Government subsidies would be N462 per litre.
According to the report, oil marketing companies (OMCs) have stopped importing PMS because of the “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap,” which has been in effect since the fourth quarter of 2017.