TheCable

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says there is no basis for the current scarcity and price increase of premium motor spirit (PMS) across the country.

PENGASSAN, in a statement on Monday, said data made available to the union showed  there was over 30 days PMS sufficiency in the country.

Festus Osifo, president; and Lumumba Okugbawa, its secretary-general, jointly signed the statement.

The association regretted the hardship that Nigerians were being subjected to as a result of the scarcity and price increase.

“We understand that the parameters imputed into the old Petroleum Products Pricing Regulatory Agency and now Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) template has since changed,” the statement reads.

“This is because of some economic vagaries such as exchange rate fluctuation, vessel hiring cost, and cost of AGO among others.

“However, there is no sufficient justification for petrol to be selling for such highly inflated price, thereby subjecting the masses to further difficulties.”

PENGASSAN urged the management of NMDPRA to compel all marketers and retailers to make the products available at the approved price.

It also called on the regulator to immediately mobilise all its staff in various locations across the country to monitor compliance.

To act as a deterrent, PENGASSAN asked the authority to revoke the licenses of marketers who fail to comply.

“Should this collusion go unchecked, we will not hesitate to partner with other stakeholders in ensuring that Nigerians are not further exploited,” it said.

PENGASSAN’s criticism comes amid a hike in the price of petrol at filling stations a scarcity that lasted for three months.

NMDPRA had said the scarcity is worsened by the activity of cross-border smugglers, erring marketers, and ongoing road construction.