Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, Dr. Joseph Obele, has called on the Nigerian National Petroleum Company Limited (NNPCL) to tell Nigerians the truth about the continued payment of subsidies for premium motor spirit (PMS) in the country.
Obelle, in a statement made available to newsmen in Port Harcourt, Rivers State, yesterday, said NNPC has been paying what is described as “differentials” for imported petroleum products.
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He said, “Importers of petroleum have lamented the rise in landing costs on the international market, as it is above the retail selling rate in Nigeria. It is obvious that the landing cost today is close to ₦800 per litre.
“The GMD is correct that they are recovering the difference; hence, they are selling crude oil to Nigerians and subtracting the extra cost of PMS from the proceeds of the crude.
“Call it recovery; call it differentials. It is all a fuel subsidy you are paying because the landing cost is far above the selling rate. What is the difference between half a dozen and six?
“We understand that the word of Mr. President is a bond, and it must be upheld on the ground that he said subsidy is gone. Therefore, it is appropriate to call it any other name than subsidy just to protect the dignity and integrity of the office of Mr. President.
“Nigeria will be saved from this grammatical dilemma when we start refining locally in Nigeria and stop importing from the international market. The external variables in the international market are the reason for all the unwarranted statements.
“We should anticipate more price turbulence in the international market arising from the recent Israeli and Palestinian tension. The earlier we fix Nigerian-owned refineries, the better for us as a nation.”