FUEL NOW N212.61 -FG, PETROAN REACTS.

FG confirms return of subsidy, puts fuel price at N212.61, PETROAN reacts.

The Federal Government has officially confirmed the return of fuel subsidy, as the Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March.

The new price, according to the PPPRA’s PMS guiding price, released to stakeholders, is supposed to commence from March 1st and run till March 31st, 2021.

The PPPRA confirmed that fuel subsidy actually officially returned in February 2021, as according to the downstream oil sector regulator, the actual pump price of PMS for February was between N183.74 and N186.74 per litre, meaning that the Federal Government paid an average of N16 per litre for PMS in the month.

In his reaction in a telephone chat with RPTVBLOGS, the President General of Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) Dr. Billy Harry bemoaned the Federal Government’s insincerity and lack of political will to do the right thing in the Petroleum sector for the benefit of the masses of this country.
In his words, “This latest stance by the Federal Government is a clear indication that there has never been anything like deregulation in the Petroleum sector which would have been the best way to go, which is, allowing the law of demand and supply to rule the sector.”
Dr. Billy further stressed that it is high time the masses of this country who are actually the government to use every democratic means to make those they elected to be their representatives be truly accountable to them instead of playing the roles of slaves to those that they elected, especially those at the National Assembly whose duty is to make favourable laws for the masses.
“When I say using every democratic means I don’t mean things like violent protests or anything that may disrupt the peace and free flow of normal activities in the nation space but the Nigerian masses can use things like recalling their representatives who are not actually doing their bidding or use the power of the ballot even though that there are no perfect election anywhere in the world, but if we insist, we may get it 70%- 80% right.” He concluded.

Meanwhile the PPPRA stated that the inclusion of retailers’ margin of about N6.19 per litre, would bring the pump price of the commodity, the price at which it is sold to motorists, to N212.61 per litre.