Tina Amanda
The increase in the pump price of petrol and other petroleum products has been attributed to the Nation’s over-dependency on importation.
Port Harcourt Zonal Chairman, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASAN), Comrade Azubuike Azubuike stated this while reacting to the recent increase in price of products by the PPMC.
During an interview with our correspondent Tina Amanda, Comrade Azubuike emphasized the need for government to revamp all the refineries, as the nation can not deregulate on the importation of Petroleum Products.
He noted that if the refineries are in good working conditions, it will help to cushion the effect of the increase in pump prices, as Marketers can not sell below their importation rate.
“Things are not working, refineries are not working and we are import dependant, if exchange rate in the black market is almost five hundred and something naira as of today and it was three hundred and something naira as of yesterday, then there is no how Marketers will sell below what they bought.
“If the government is sincere in checkmating this increment, the refineries must be put in order. Our refineries are not functioning. None of the refineries we have in the country can work up to five per cent efficiency. That is where the problem is.
“Look at the price of crude oil in the international market, where is the government getting money to run the affairs of the country. Again with the high level of corruption that has eaten deep into the nation and we still feel it is going to be well with us, it will never be well with us because our refineries are not working”
Comrade Azubuike, however, urged political leaders to be sincere with the masses, stressing that the increment in petroleum products will adversely affect all sectors of the economy.
Meanwhile, the state Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN) Dr Obele Ngechu, said the new purchasing rate of Petroleum Products released by the Petroleum Products Marketing Company (PPMC) will definitely affect the selling rate of the products.
According to him, the price at the global market via importation of Petroleum products will also affect the local market since government intervention on subsidy has been removed.
“At the moment the general public are buying Premium motor spirit (PMS) at the rate of one hundred and forty-three (143) naira per litre. If our buying rate with PPMC has been increased by six naira, definitely the selling rate will also be plus six naira, which will make the pump price to be around one hundred and forty-nine to one hundred and fifty naira per litre with effect from 5th August 2020.
“We import all the petroleum refined products, which is affected by happenings in the global market. Whenever we see increment at the global market, it affects the local market.
“Had it been our refineries are working, we would not have experienced an unnecessary increment in petrol pump price, it is a wake-up call to the leaders of Nigeria to put the four refineries in the country in order”
He however assured that the increment in prices of petroleum products will not cause scarcity due to sufficient products supply by PPMC but added that the nation will continue to experience such increment until the refineries begin to function.
