Fuel pricing: Okupe urges oil marketers to stop blaming Tinubu

Dr. Doyin Okupe, a former presidential spokesman, has called on the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers to avoid actions that could reflect poorly on President Bola Tinubu.

He expressed concerns that the current pricing strategies for Premium Motor Spirit (PMS) may unfairly cast the government in a negative light and contribute to an undeserved blame on the president.

In a statement titled “Dangote Refinery, NNPCL, Oil Marketers and the Voodoo of PMS Pricing,” Okupe criticized the lack of transparency in the pricing process, describing it as a “national embarrassment.”

He highlighted that the recent increases in petrol prices could be seen as insensitive to the struggles of everyday Nigerians.

He noted that the Free On Board (FOB) price of PMS at Rotterdam is currently $0.541 per litre, equating to approximately N927.82 based on an exchange rate of N1,715 to $1.

However, the landing cost of PMS in Lagos is reported at N978 per litre. Okupe argued that local refineries should sell their products at or below the FOB price, suggesting a fair selling price of around N842.83 per litre after accounting for freight savings.

Okupe, who previously served as the Director-General of the Peter Obi 2023 Presidential Campaign Council, urged the NNPCL and oil marketers to dispute his claims.

His comments come on the heels of NNPCL’s recent adjustment of petrol prices, which saw increases from N1,030 to N1,060 per litre in Abuja and from N998 to N1,025 per litre in Lagos, just weeks after a previous hike.