Subsidy Impact: IPMAN’s Chinedu Claims Fuel Price Should Be ₦900/Litre Without Subsidy

The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, has claimed that the current administration under President Bola Tinubu has reinstated fuel subsidy.

According to Chinedu, if there were no fuel subsidy, the price of petrol at the pumps should be around ₦900/litre.

Currently, the pump price of petrol in Nigeria varies between ₦600 and ₦700/litre, depending on the location of purchase.

Chinedu argued that the government is currently carrying out a “quasi-subsidy” by maintaining a lower price for petrol than what it would be without subsidy.

When asked about the landing cost of petrol at the depots and tank farms in the absence of subsidy, Chinedu estimated that it would be around ₦800/litre, given the recent appreciation of the naira against the dollar, which is currently hovering around ₦1,000.

Consequently, he stated that the pump price should be nearing ₦900/litre without the subsidy.

The Nigerian government has been making efforts to cushion the impact of economic hardship on Nigerians in various sectors, including the petroleum industry.

However, the return of fuel subsidy has been a contentious issue, with different stakeholders providing varying opinions on the matter.

In light of Chinedu’s claim, it is essential for the government to clarify its position on fuel subsidy and the actual cost of petrol to the consumers.

This will not only help to avoid misinformation but also allow for a more transparent and informed debate on the subject.

As the situation evolves, it is crucial for all stakeholders to work together to ensure a fair and sustainable fuel pricing policy that benefits both the government and the Nigerian people.