The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says there was no basis for the current scarcity and price increase of Premium Motor Spirits (PMS), otherwise known as petrol, across the country.

PENGASSAN said this via a statement jointly issued on Monday by its President and Secretary General, Festus Osifo and Lumumba Okugbawa, respectively.

The association, while regretting the hardship that Nigerians were being subjected to over the scarcity and price increase, said data made available to the union showed there was over 30 days of petrol sufficiency in the country.

“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.

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“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,” it stated.

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

The union also called on the management to immediately mobilise all its officials across the country to monitor compliance just as it urged the management to revoke the licenses of any marketer who did not comply to serve as a deterrent.

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

The Star