The exact landing cost of premium Motor Spirit (PMS) or petrol, cannot be easily determined making it difficult to fix the appropriate price of the product’s pump price. This was the position of the of the Executive Secretary, Major Energies marketers Association of Nigeria (MEMAN), Clement Isong, at a webinar held for media practitioners yesterday.
The Association, at the webinar, also lamented that the complexity of the foreign exchange (forex) market uncertainty has prevented its members from embarking on the importation of petrol, warning that more challenging complexities lie ahead the country’s petroleum products distribution and supply chain going by the prevailing forex market intricacies.
This, Isong noted, has made its members investment not fully protected, especially with the dollarisation of certain charges placed on the value chain of petrol.
“The market and consumers are not immune to government policy that allows Nigeria Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), continuous charges in dollar,” he said.
Isong also informed that though marketers receive products from Nigerian National Petroleum Company (NNPC) Limited retail, ship-ship products offload is transacted in dollar all of which pushes up cost of pump price.
“We are presently concerned about sustainability, efficiencies and affordability of energy for Nigerians and we are encouraging shift to energy transition specifically into gas space”, the Executive Secretary stated.
