The Managing Director, Capital Field Energy, Mr. Seun Oworu, has said that the landing cost of Premium Motor Spirit (PMS) has risen to N1,100 per litre.
He also said before the recent increment of fuel pump price to between N855 to N940, the national fuel consumption, because or arbitrage, had risen to 60 million litres per day from about 30 million litres per day reported after the removal of fuel subsidy in May 29, 2023 by President Bola Tinubu. Oworu, and a Public Affairs Analyst, Majeed Dahiru, called on the Federal Government to ensure affordability of fuel to Nigerians.
The spoke in a television programme, Politics Today, a public affairs programme of the Channels Television, monitored by New Telegraph yesterday. Oworu said: “With respect to energy and petroleum products, for energy security; two things are key: affordability and availability. “The landing cost of fuel is N1,100.
The price we see today is about N855 in Lagos and Abuja and up-country between N897 and N900, even with the current price, based on the landing cost of N1,100, it means that the government is still spending about N200 per litre.
How long they can afford that is another subject. What is clear now is for them to continue to make the product available. “Government needs to make sure that this product will be affordable to Nigerians.
That is what informed the President’s directive that crude oil will be sold to Dangote in naira because if crude oil is sold to Dangote in Dollars, there is no way it can sell below N1,050.
"There should be another form of subsidy by the government. The foreign exchange that the government would have earned by selling crude in dollars to Dangote, they are now selling in naira.
"They now need to sit down with Dangote, that is where another form of subsidy will come in. That will make it affordable to Nigerians." Dahiru also called on the government to subsidise Dangote fuel so that it will be affordable to Nigerians to avoid more hardship on the people and economic strangulation.
0 Comments