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According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), it is possible for Nigeria’s monthly fuel subsidy spend to exceed N700 billion.

On Monday, a statement was released by Mohammed Shuaibu, revealing that he is the Secretary of IPMAN in Abuja-Suleja.

In response to information published by the Major Energies Marketers Association of Nigeria on Wednesday last week, stating that the cost of petrol had reached N1,117 per liter as at the day before, he took action.

Shuaibu challenged the accuracy of information provided by both the Nigerian government and the Nigerian National Petroleum Company Limited regarding fuel subsidy expenses in Nigeria, as revealed by MEMAN’s data.

He cautioned Nigerians to brace themselves for an increase in fuel pump prices.

“The price of petrol in Nigeria is subject to the forces of global demand and supply. If there is a worldwide increase, it will impact our country as well.”

Hence, the price of N1,117 per litre is not solely dependent on our foreign exchange rate but also influenced by the global cost of PMS. Additionally, NNPC being the only importer has been dishonest with us regarding this matter.

Data gathered by our peers – the leading marketers, indicates that petrol’s landing cost exceeds N1,100 per liter. Consequently, it implies that the monthly subsidy has surpassed a whopping figure of N700bn.

Shuaibu stated that we should always be ready for sudden increases in petrol prices, as they have already forewarned us.

On multiple occasions, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has maintained that fuel subsidies should not be reinstated in Nigeria.

Upon further analysis, dealers revealed that the ex-depot price of petrol provided by NNPC is N585/liter despite prices ranging from N617 to N750 per liter based on location.

The discrepancy between the landing cost of N1,117 and an ex-depot price of N585 results in a margin of N532.

The Federal Ministry of Petroleum Resources reports that a calculation involving petroleum consumption rates reaching 44.3 million liters by October 2023, when multiplied with the projected N532 subsidy awarded per liter of petrol, results in a daily allocation amounting to N23.57 billion for subsides spending.

Over a span of 30 days, the estimated fuel subsidy figure totals to more than N700 billion.

The impasse between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority regarding subpar petroleum products has led to this.

On Monday, Lokpobiri presided over a meeting with the heads of Nigerian Upstream Petroleum Regulatory Commission and Nigerian National Petroleum Company Limited. In the meantime, …

It should be noted that Mallam Nasir El-Rufai, the ex-governor of Kaduna State, alleged that the current federal government led by President Bola Tinubu is spending more on fuel subsidies compared to previous administrations.

The application of a quasi-fuel subsidy on petrol has also been hinted at by Festus Osifo, the President of the Trade Union Congress.