Petrol Price Increase: Doyin Okupe Urges Dangote, NNPCL, And Marketers To Stop Undermining Tinubu

Petrol Price Increase: Doyin Okupe Urges Dangote, NNPCL, And Marketers To Stop Undermining TinubuDr. Doyin Okupe, a former spokesman for the presidency, has urged the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers to refrain from actions that could negatively impact President Bola Ahmed Tinubu’s reputation. In a statement released on Friday titled “Dangote Refinery, NNPCL, Oil Marketers, and the Voodoo of PMS Pricing,” Okupe emphasized the need for industry stakeholders to consider the economic hardships facing Nigerians.

He pointed out that the current strategy for pricing Premium Motor Spirit (PMS) could lead to the perception that the government, which no longer directly regulates fuel prices, is responsible for recent increases. This, he warned, could harm the president’s image.

Okupe expressed alarm over the opacity in fuel pricing, labeling it “a national embarrassment.” He highlighted that the Free On Board (FOB) price of PMS in Rotterdam stands at $0.541 per liter, translating to approximately N927.82 at an exchange rate of N1,715 to $1. He noted that with a landing cost of N978 per liter in Lagos, locally refined PMS should benefit from lower freight costs, which could save around N85 per liter.

As a result, Okupe contended that “no local refinery should sell above the FOB price at Rotterdam, minus freight savings of N85, totaling N842.83 per liter.” He challenged NNPCL, the Dangote Refinery, and oil marketers to refute his calculations.

This statement comes on the heels of NNPCL’s recent petrol price increase, which occurred just three weeks after a previous adjustment. The latest hike raised the pump price to N1,060 per liter in Abuja, up from N1,030, and in Lagos, the price increased from N998 to N1,025 per liter at NNPCL outlets.

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