The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed the landing costs of petrol, diesel, and aviation fuel, contradicting the Nigerian National Petroleum Company Limited’s (NNPC) persistent denial of subsidizing petrol prices.
According to MEMAN, the landing cost of petrol stands at N1,117/litre, diesel at N1,157/litre, and aviation fuel at N1,127/litre, significantly higher than the current pump prices.
This revelation has sparked debate, with experts like Prof. Wumi Iledare and Prof. Adeola Adenikinju suggesting that the government is absorbing the difference, effectively subsidizing petrol prices. The International Monetary Fund (IMF) has also warned Nigeria to remove implicit fuel and electricity subsidies, which could gulp 3% of the nation’s GDP in 2024.
Despite President Bola Tinubu’s declaration to remove fuel subsidies, the government and NNPC maintain that they are not subsidizing petrol prices. However, MEMAN’s disclosure has shed light on the landing costs, which were previously shrouded in secrecy. The association promises to release similar information regularly to keep the public informed.
