Vunderkind
Social Member
NIGERIA - The chairman of the Independent Petroleum Marketers Association of Nigeria, Mosimi, Ogun State, Adeleke Bada has stated that petrol can be sold for N40 per litre, as earlier alleged by Prof. Tam David-West, former minister of petroleum.
This, however, can only be possible if Nigeria refined all its crude locally, says Mr. Bada.
Bada said: “reducing the pump price of a litre of fuel to N40 is possible only if the refineries are working. If you look at the nature of the market presently, that isn’t realistic. Do we have the refineries?
“The only reason that it can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40, but not until all the refineries are fixed.”
“The government has not increased the price of fuel; it is still N87 per litre.
“But by the time you get to the depot, after paying around N2.6m for your ticket, a lot of levies are still to be paid.
“Levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss.”
This, however, can only be possible if Nigeria refined all its crude locally, says Mr. Bada.
Bada said: “reducing the pump price of a litre of fuel to N40 is possible only if the refineries are working. If you look at the nature of the market presently, that isn’t realistic. Do we have the refineries?
“The only reason that it can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40, but not until all the refineries are fixed.”
“The government has not increased the price of fuel; it is still N87 per litre.
“But by the time you get to the depot, after paying around N2.6m for your ticket, a lot of levies are still to be paid.
“Levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss.”
