CurrentReport Blog The Yoruba Stakeholders Assembly has addressed the ongoing controversy surrounding the pricing of Premium Motor Spirit (PMS) in Nigeria. In a statement issued by its convener, Comrade Dayo Olawale, the group emphasized the importance of transparency and the need for citizens to stay informed in the face of widespread misinformation.
The group clarified that contrary to popular belief, the government and the Nigerian National Petroleum Company Limited (NNPC Ltd) do not control the price of PMS. Instead, the market operates under a deregulated framework where prices are determined by supply and demand, global oil prices, and operational costs. This shift aims to foster competition and promote a healthier economic environment.
The statement highlighted that NNPC Ltd recently procured fuel from Dangote Refinery at N898 per liter, negotiating a price lower than Dangote’s initial offer of over N900 per liter. The assembly pointed out that NNPC Ltd’s efforts to subsidize fuel prices—keeping them at N620 per liter for consumers—are no longer sustainable, despite shielding Nigerians from higher market rates that have hovered around N1,100 per liter.
Additionally, the assembly refuted claims that the government dictates Dangote’s pricing structure, stating that Dangote sets his prices independently under the “willing buyer-willing seller” framework outlined in the Petroleum Industry Act (PIA). The group urged Nigerians to remain vigilant and ensure that public discourse is based on verified facts.
