27 October 2015, Abeokuta – The immediate past President, Independent Petroleum Marketers Association of Nigeria, Mosimi Depot, Ogun State, Mr. Dele Tajudeen, has advised President Muhammadu Buhari to remove fuel subsidy in order to force down the pump price of Premium Motor Spirit, popularly called petrol.
The ex-IPMAN boss noted that if the government removed fuel subsidy and regulate the price at which the major oil dealers sold to other independent marketers, this would bring down the price of a litre of the PMS.
He added that if the 8th National Assembly hasten work on the Petroleum Industry Bill and pass it into law, it would go a long way to sanitise the petroleum industry and eliminate the cabal that were benefitting from the so-called subsidy.
He said, “Who would have thought that a litre of kerosene could sell for N50. It used to be between N100 and N150 per litre.
“But I got the 33,000 litres supply of kerosene directly from the Nigerian National Petroleum Corporation, Mosimi, at a regulated price; that’s why I can sell at N50 per litre.
“It is also possible for the Federal Government to bring down the price of the Premium Motor Spirit from the current N87 per litre.
“The first thing the government should do is to remove the subsidy on fuel, because the so-called subsidy is going into some private pockets. Then, it (government) should regulate the price at which major petroleum dealers should sell the product to other independent marketers.
“Currently most of us, independent marketers, buy at N85 per litre from the dealers. We have to pay for freight down to our respective filling stations including other levies.
“Again this 8th National Assembly should hasten work on the Petroleum Industry Bill and pass it into law.”
Tajudeen advised the government to sustain the current N50 per litre of kerosene, which it had started in three major zones in Ogun State – Sagamu, Ijebu Ode and Abeokuta.
He believed it would be counter-productive for the government to start such important initiative and then stop it abruptly.