As the scarcity of the Premium of Motor Spirit, popularly called petrol, continued on Sunday, oil marketers have stated that the cost of the commodity would cross N800/litre once subsidy on PMS is removed.
Industry operators had repeatedly stated that the high cost of subsidy on petrol was a burden on the Nigerian National Petroleum Company Limited and was contributory to the prolonged crisis in the downstream oil sector. NNPC is the sole importer of petrol into Nigeria.
They urged the Federal Government to ensure that all the necessary measures and infrastructure to ensure a less stressful subsidy removal regime were put in place before implementing the decision. “This is because the product will be scarce, even from the government cycle. So the government should tell Nigerians the truth about this fuel supply crisis. It is not a problem caused by marketers.”
The IPMAN official added, “By tomorrow they will claim that it is the fault of the marketers. How? We are businessmen and every businessman wants to make a profit. You know the law of supply and demand. When the product is scarce, prices will rise, and vice versa.”
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