The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that the country’s fuel subsidy expenditure may exceed N700 billion monthly, citing the high landing cost of petrol and the Nigerian National Petroleum Company Limited’s (NNPC) sole importation of the product.
Mohammed Shuaibu, Secretary of IPMAN, Abuja-Suleja, stated, “The landing cost of petrol is above N1,100/liter, which means the monthly subsidy has crossed N700bn. We should be prepared for fuel pump price hikes.”
He questioned the NNPC’s transparency, saying, “The company is not telling us the truth. Data sourced by our counterparts, the major marketers, showed clearly that the landing cost of petrol is above N1,100/liter.”
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Shuaibu further explained, “Petrol price is determined by the forces of demand and supply in the international market. When there is a global price increase, we should experience it in Nigeria.”
The Federal Ministry of Petroleum Resources’ data shows a daily subsidy spending of N23.57 billion, amounting to over N700 billion in 30 days.
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