The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the federal government’s subsidy payments.
IPMAN warned that Nigeria’s fuel subsidy expenditure could exceed N700 billion monthly.
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This information was disclosed by Mohammed Shuaibu, Secretary of IPMAN, Abuja-Suleja.
Shuaibu was responding to data released by the Major Energy Marketers Association of Nigeria, which indicated that the landing cost of petrol as of the previous day was N1,117 per litre.
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Commenting on the data, Shuaibu expressed doubts about the accuracy of the Nigerian National Petroleum Company Limited (NNPC) and the government’s fuel subsidy expenditure reports. He cautioned Nigerians to brace for potential fuel price hikes.
Shuaibu explained that Petrol prices are influenced by international market demand and supply, When global prices rise, we should expect similar increases in Nigeria.
Further analysis revealed that while petrol prices range from N617 to N750 per litre depending on location, the ex-depot price set by NNPC is N585 per litre. This creates a gap of N532 between the landing cost and the ex-depot price.
This issue arises amidst a dispute between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority over substandard petroleum products.
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