The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused petroleum marketers of exploiting Nigerians through inflated fuel prices, insisting that Premium Motor Spirit (PMS) should currently be selling for between N700 and N750 per litre.
Speaking at a press conference in Abuja on Monday, PENGASSAN President, Comrade Festus Osifo, lamented that despite a significant drop in the price of crude oil, from around $80 per barrel to about $60, the pump price of petrol has not seen a corresponding reduction, remaining around N900 per litre.
Osifo attributed the unjustifiable pricing to the failure of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to carry out its oversight duties effectively. (TheNation)