Petrol Price Hike: Stop Making Tinubu Look Bad – Doyin Okupe Fires Dangote, NNPCL, Marketers

Former presidential spokesman Dr. Doyin Okupe has called on the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers to avoid actions that could cast President Bola Ahmed Tinubu in a negative light.

In a statement on Friday titled “Dangote Refinery, NNPCL, Oil Marketers, and the Voodoo of PMS Pricing,” Okupe urged oil industry stakeholders to consider the economic challenges faced by Nigerians.

He suggested that the current approach to Premium Motor Spirit (PMS) pricing could create an impression that the government, which no longer directly controls petroleum prices, is to blame for price hikes, potentially tarnishing the president’s image.

Okupe expressed concerns over the lack of transparency in determining fuel prices, describing it as “a national embarrassment.”

He noted that the Free On Board (FOB) price of PMS at Rotterdam was $0.541 per liter, equivalent to about ₦927.82 at an exchange rate of ₦1,715 to $1.

He further explained that with a landing cost of ₦978 per liter in Lagos, locally refined PMS should benefit from reduced freight costs, which save approximately ₦85 per liter.

Consequently, Okupe argued, “No local refinery should sell above the FOB price at Rotterdam, minus freight savings of ₦85, which totals ₦842.83 per liter.”

The former Director-General of the Peter Obi 2023 Presidential Campaign Council, Okupe challenged NNPCL, the Dangote Refinery, and oil marketers to dispute his calculations.

Recall that NNPCL recently increased the price of petrol just three weeks after a previous hike.

The latest adjustment raised the pump price to ₦1,060 per liter in Abuja, up from ₦1,030, while in Lagos, the price increased from ₦998 to ₦1,025 per liter at NNPCL outlets.