PENGASSAN Blasts Marketers, Says Petrol Should Sell For N700–N750/Litre

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused fuel marketers of exploiting Nigerians by keeping petrol prices high despite a drop in global crude oil prices.

At a press briefing in Abuja, PENGASSAN President, Comrade Festus Osifo, said petrol should be selling for N700–N750 per litre, not the current average of N900, citing falling crude prices from $80 to around $60–$65 per barrel and a stable exchange rate.

He blamed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to regulate prices and urged it to publish a transparent pricing template to prevent profiteering.

Osifo also criticized the continued shutdown of the Port Harcourt Refinery, warning that without local refining, Nigeria remains at the mercy of volatile global markets.

“Deregulation should not mean exploitation,” he said, as Nigerians continue to grapple with inflation driven by soaring energy costs.