N165 petrol pump price no longer realistic — MOMAN
Written by News Room on July 14, 2022
Major oil Marketers Association of Nigeria (MOMAN) has said the regulated 165 Naira pump price for Premium Motor Spirit (PMS), also known as petrol, is no longer realistic.
Chairman, Mr. Olumide Adeosun, made this known during a virtual consumer protection workshop for oil marketers by the Federal Competition and Consumer Protection Commission (FCCPC) yesterday.
Adeosun, who was reacting to the lingering fuel scarcity across the country, blamed the situation on the ongoing conflict between Russia and Ukraine, which has disrupted global energy supply distribution.
The MOMAN chairman likened the current situation to the COVID-19 pandemic era, with some countries moving to halt the exportation of petrol in favour of their own national energy securities.
He maintained that it would be difficult to enforce any kind of price control mechanism on marketers who have to slightly adjust their prices based on how much they bought products from the depots.
He said the way forward is phased deregulation of PMS by the Federal Government to reduce shock on consumers.