Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, Dr Joseph Obele, has called on the Nigerian National Petroleum Company Limited (NNPCL) to tell Nigerians the truth about the continued payment of subsidy for premium motor spirit (PMS) in the country.
In a statement made available to newsmen in Port Harcourt, Rivers State yesterday, Obelle said NNPC has been paying what is described as “differentials” for imported petroleum products.
He said, “Importers of petroleum have lamented the rise in landing cost at the international market, as it is above the retail selling rate in Nigeria. It is obvious that the landing cost today is close to 800 per litre.
“The GMD is correct that they are recovering the difference hence they are selling Crude oil for Nigerians and subtracting the extra cost of PMS from the proceeds of the crude.
“Call it recovery, call it differentials. It is all fuel subsidy you are paying because landing cost is far above the selling rate. What is the difference between half a dozen and six?
“We understand that the word of Mr President is a bond and it must be upheld on the ground that he said subsidy is gone. Therefore, it is appropriate to call it any other name than calling it subsidy just to protect the dignity and integrity of the office of Mr. President.
