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PENGASSAN to resist hike in petroleum products
THE umbrella body in the oil and gas industry, the Petroleum and Natural
Gas Senior Staff Association of Nigeria (PENGASSAN) is drumming up its war
drums in readiness to battle the Federal Government over its planned removal
of subsidy in price of petroleum products, saying it is not justifiable. Demanding
to know the benefits Nigerians are deriving from governance, PENGASSAN urged
FG to allow Nigerian masses to benefit from Petroleum Support Fund (PSF).
The union noted that the unending scarcity of petroleum products particularly
kerosene (DPK) and diesel (AGO) in the different parts of the country is not
justifiable against the backdrop of the impressive money-back benefits of
PSF which government pay to all authorised importers of kerosene (DPK), premium
motor spirit or petrol (PMS) and full cost recovery of diesel (AGO) through
the Petroleum Products Pricing Regulatory Agency (PPPRA) of petroleum planning
schedule as depicted in its template that is always display on its website.
The National President, Babatunde Ogun and the General Secretary, Bayo Olowoshile,
noted that planned removal of fuel subsidy was government's efforts to renege
in its obligations and to deny Nigerians of the benefits of PSF, saying since
fuel subsidy often referred to as Petroleum Support Fund (PSF) is a pool of
fund conceded by FG to stabilise the domestic pricing of imported petroleum
products in the face of high landing costs of same, there was no justifiable
reason for government to now decide to remove the PSF.
“PSF was introduced following series of pressures and agitation from
labour unions, government cannot pass the bulk of high volatility of imported
petroleum products price on the domestic economy dominated by the masses and
the tribunes who are unable to afford the impacts of the imported petroleum
products price fundamentals like unfavourable exchange rates, rising cost
of crude, freighting and insurance and other landing charges.”
“Government persistently delivers on its promises and pact with Nigerians
to ensure that kerosene is sold at N50 per litre; that petrol (PMS) is sold
at N70 per litre. FG continually makes adequate fund arrangement available
through the PPPRA and pay back to every officially authorised importer as
“Petroleum Support Fund (PSF)” being the amount between the landing
cost of imported kerosene and petrol and the agreed ex-NNPC depot price.
Ogun and Bayo added “It is immoral and unfair, disgusting to the principle
of natural justice, equity and good conscience to sell kerosene above N50
per litre and petrol above N70 per litre. Diesel is though fully deregulated,
PPPRA and Department of Petroleum Resources allow full cost recovery but within
the PPPRA price band-width to ensure fair and reasonable margin that will
not lead to undue exploitation.”
Petroleum Equalisation Fund (PEF) has been continually sustained to ensure
that whatever cost of transporting these products to other parts of the country
that cannot easily access the products are also paid back to the transporters
so as not to constitute the reason for the surge in Petroleum Price Regime
for any part of the country. Ogun and Bayo urged Nigerians to reject planned
fuel hike, saying “Nigerians should say no to more exploitation.”
The union decried that the use of cartels in oil and gas business has been
the bane of unending high cost of kerosene and diesel in the country.
“These unremorseful cartels have been guaranteed the PSF of any landing
cost over the N41.50 ex-NNPC depot price, which in itself equally have in-built
margin for marketers, dealers, transporters and bridging for all players in
the marketing and distribution of this product. It therefore urged Nigerians
to say no more to double dipping, saying that it is time to break the cartel
chain.”
Why should FG continuously create undue oligarchy in a liberalised and deregulated
market?
