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Fuel price: PENGASSAN blames marketers on exploitation of Nigerians, …..insists product should sell for N700, N750 per litre

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PENGASSAN President, Festus Osifo,

By Our Reporter

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Monday blamed the marketers on inflated fuel prices and exploitation of the masses, saying that Premium Motor Spirit (PMS) should currently be selling for between N700 and N750 per litre.

Making this declaration at a Press conference in Abuja on Monday, PENGASSAN President, Festus Osifo, expressed worry that despite a significant drop in the price of crude oil, from around $80 per barrel to about $60, the pump price of petrol has not seen a corresponding reduction, remaining around N900 per litre.

Osifo attributed the unjustifiable pricing to the failure of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to carry out its oversight duties effectively.

He said, “NMDPRA should not watch the suppliers of products exploit the citizenry on the pretence of deregulation.

“Also, comrades, we want to quickly talk about issues that are bothering the downstream. In the downstream today, in the Nigerian oil and gas industry, we have seen a trend. And the trend, if you could recall, at a time when the price per litre of petrol was sold around 900 Naira per litre, you realise that the international crude price was somewhere around $80 per barrel.

“So we have been monitoring the trend. When the crude price reduced to around $60 per barrel, we did not see a commensurate reduction in the pump price. Because naturally, two things contribute principally to the price of PMS, for example, or the price of petroleum products.

“One is the crude price, and the second is the exchange rate. So these are the two highest contributory factors. In fact, they contribute up to 80% of what the final price of PMS would be.

“So what that means is that when the crude price reduces, the PMS price also reduces, most especially when the exchange rate has been relatively constant. So if crude price was somewhere around $80 per barrel, and we were having pump price at about 900 Naira per litre or thereabout, today, at a time, crude price hovers around $62 to $65 per barrel. But we only saw a marginal reduction in the pump price.

“And if you do the calculation, you will realise that it is, I mean, Nigerians were exploited within that period. Because there is what we call PLAT. If you go online, you are going to see the PLAT cost per cubic metre of PMS.

“And when you convert that to litres, and you bring it down to our Naira, you are going to see that at a time when crude price was around $60 per barrel, we should be buying our PMS somewhere around “$700 to $750 per litre. That is how it should be when you do the calculation properly. Yes, we understand that people have invested in their business, and they want to make a profit.

“It is the responsibility of businessmen to maximise profit. We don’t begrudge any business organisation that wants to maximise profit. That is why we have the regulators.”

He emphasised that at the current international crude price levels, PMS should be retailing between N700 and N750, citing pricing models like the PLATTS index used globally to benchmark refined product costs.

PENGASSAN President urged NMDPRA to regularly publish pricing templates to ensure transparency and prevent exploitation under the guise of deregulation.

“We don’t begrudge businesses for making profits. But it is the regulator’s responsibility to protect the people. If this exploitation continues, Nigerians will never benefit from global oil price drops—only bear the burden when prices rise,” Osifo added.

Osifo further expressed concern over the continued shutdown of the Port Harcourt Refinery, questioning the pace of the government’s refinery rehabilitation efforts.

Oil & Gas

Niger state Mineral Resources Commissioner visits solid minerals sector to identify mining operations in Katcha LGA

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Niger State Commissioner For Mineral Resource, Mohammed Qasim

By Uthman-Baba Naseer,Minna

The Niger State Commissioner For Mineral Resource, Mohammed Qasim, has embarked on regulatory oversight in the solid minerals sector with a strategic inspection and compliance enforcement visit to identified mining operations in Katcha Local Government Area.

The field exercise, undertaken alongside Directors and senior technical officers of the Ministry, was aimed at strengthening on the ground supervision, ensuring strict adherence to mining laws, and reinforcing the State Government’s commitment to responsible and sustainable mineral resource development.

The inspection covered major mining sites located in Gada Eregi Village, including Avti Commodities Limited Mining Site and Alhaji Baba Ndaman & Families Mining Site, both of which are currently engaged in mineral extraction activities within the area. The visit forms part of the Ministry’s continuous drive to sanitize the sector, curb illegal operations, and promote best practices in line with national and state regulatory frameworks.

During interactive sessions with management representatives of the two mining companies, the Honourable Commissioner observed and documented serious regulatory infractions, operational lapses, and instances of non compliance with established mining and environmental guidelines. In response to these findings, Hon. Danjuma ordered the immediate suspension of all mining activities at the affected sites in Gada Eregi Village, pending a thorough review and the attainment of full regulatory clearance from the Ministry.

Addressing stakeholders at the sites, the Commissioner reiterated the unwavering position of the Niger State Government that no mining operation will be allowed to function outside the ambit of the law. He stressed the need for strict compliance with licensing requirements, environmental protection standards, safety of host communities, and alignment with the developmental objectives of the State.

According to him, the Ministry will continue to take decisive actions against illegal and non compliant operators, noting that such activities not only undermine government revenue but also pose serious environmental and security risks to local communities.

He further emphasized that the ongoing enforcement drive is designed to reposition the solid minerals sector as a viable contributor to economic growth, job creation, and sustainable development, while safeguarding the interests of host communities and future generations.

The inspection and enforcement action are in line with the vision of His Excellency, Farmer Governor Umaru Mohammed Bago, and the New Niger Agenda, which prioritizes responsible resource governance, environmental sustainability, institutional accountability, and inclusive economic development across the State.

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Oil & Gas

PC-NCG Praises CVFF Launch, Pushes for Coast Guard Establishment

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By David Owei,Bayelsa

The Chief Executive and Accounting Officer of the Provisionary Committee of the proposed Nigerian Coast Guard (PC-NCG), Capt. Noah Ichaba has praised the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, over the recent launch and unveiling of the Cabotage Vessel Financing Fund (CVFF) Application Portal to be accessed by Nigerian ship-owners

In a statement issued by the Director of Communications & Public Affairs, Dr. Piriye Kiyaramo on Monday in Abuja, Capt. Ichaba, who described the official launch and unveiling as a historic step, urged the federal government to exercise maximum political will to expedite the establishment of the Nigerian Coast Guard, which according to him, remains the longest-hope of Nigeria’s maritime business community.

“Coast Guard is the longest and singularly recognized agency by its organizational and occupational name, because, it will be primarily and wholly responsible for Nigeria’s Maritime Law Enforcement, Security and Safety Operations that have been neglected by past administrations despite its duties, functions and role, being crucial and critical to the Nigerian Maritime Business, particularly that, it will protect the flow of over 80-90% of global trade, prevent costly disruptions from piracy, terrorism, theft and safeguard billions in assets and human lives.

“The creation of Coast Guard is the next impending history that this current administration can not afford to allow it to slip off her performance scorecard. The establishment of Coast Guard is actually a primary and binding contract that the government owes her citizens and the maritime community due to its identity, purpose, and destiny.

“The need to create Coast Guard predates the Nigerian Maritime Business itself, but previous governments disappointed themselves by failing to do the needful. This obvious constraint limited and prevented fast, steady, and sustained progress for the Nigerian Maritime Domain.

“Glad that NIMASA came on-board and she is holding a pattern for Coast Guard as a Regulatory Agency, because, the Cabotage Vessel Financing Fund (CVFF) is directly linked to Coast Guard function which the Agency is performing in the absence of Coast Guard like responsibilities in maritime safety, security and statutory enforcement.

“The appreciative relationship between the CVFF and the Coast Guard function that NIMASA is saddled with is reflected in areas such as: Fund Administration and Regulatory Oversight (Coast Guard Function): Acting
regulatory and Coast Guard capacity, NIMASA administers the CVFF in accordance with the 2006 CVFF Guidelines under Section 44 of the Coastal and Inland Shipping (Cabotage) Act, 2003.

“This aims to build indigenous ship acquisition capacity and provide financial support to local operators for acquiring, constructing, and repairing vessels and including vetting applicants, approving eligible ship-owners, and ensuring that funds are used strictly for acquiring vessels intended for Cabotage trade, thereby strengthening national maritime capacity.

“NIMASA, in its Coast Guard-related enforcement role, collects the statutory 2% surcharge on contract sums performed by vessels engaged in coastal and inland shipping. This collection is enforced as part of its broader mandate to regulate and control maritime commercial activities within Nigerian waters.

“Vessels financed under the CVFF must comply with Cabotage requirements and NIMASA regulations, including Nigerian ownership, registration, manning, and technical specifications. As part of its Coast Guard role, NIMASA ensures that these vessels meet national safety, security, and seaworthiness standards before being allowed to operate.

“In its Coast Guard capacity, NIMASA conducts maritime surveillance, port state control and safety inspections to ensure that CVFF-funded vessels comply with international and national maritime safety and security conventions both before and after fund disbursement.

“Through its Cabotage Services and Maritime Safety departments, NIMASA enforces compliance with the Cabotage Act and other maritime laws, ensuring that only eligible, compliant, and properly secured vessels particularly those benefiting from the CVFF-operate within Nigerian coastal and inland waters.

“In essence, NIMASA, acting as Nigeria’s de facto Coast Guard and maritime regulatory authority, utilizes the CVFF not only as a financing mechanism but also as a policy and enforcement tool to strengthen indigenous shipping capacity, safeguard maritime security, and ensure strict compliance with national safety, security, and Cabotage regulations.

“On this commendable note, PC-NCG is inclined to crave the benevolence of relevant authorities to be deliberately committed to strategic steps for the immediate
establishment of Coast Guard, so as to solidify all efforts made and to concretely sustain envisaged outcome of repositioning of Nigeria’s maritime sector as a central pillar of national development, achieving the objective of diversifying national economy, unlocking the vast potential of Nigeria’s maritime domain, opening of opportunities for increased coastal resources and to draw huge benefits from inland waterways activities.

“Birthing the proposed Agency be considered an obligation to the Creator, the maritime environment, the lives involved, the vibrant entrepreneurial base, the global maritime commerce and the various platforms, equipment, installations, employments, tourism and Nigeria’s strategic geographic location and many more.

“The passionate appeal here is that, it is verily hoped that all levels of decision-making bodies choose to account their stewardship to the Ultimate Authority and Supreme Creator by setting aside repetitive, ridiculous and encumbering deductions, which are energy drainers, goal terminators, obstinate impediments and inducers of sickening breath,” Captain Ichaba maintained.

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Oil & Gas

MOSIEND Laments Neglect, Marginalization Of I jaw Communities By Government, Oil Companies

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Comrade, Eli Eli Stanley, Former Chairman Eastern Zone,MOSIEND and other members of the group in protest march against government neglect of yhe region

By David Owei, Bayelsa

The Leadership of the Movement For the Survival Of Izon Ethnic Nationality in the Niger Delta, MOSIEND, Eastern Zone, has decried what it described as total neglect, underdevelopment, lack of empowerment, and untold hardship they have been deliberately subjected to by oil exploration companies and the River State Government.

The stakeholders also lamented over the deplorable state of the community roads and lack of provision of basic infrastructure by government interventionist agencies.

Speaking during the MOSIEND Half Hour Radio Programme, on Rhythm built to help amplify the everyday challenges facing the Ijaw communities in the Eastern Zone, Comrade, Eli Eli Stanley, Former Chairman Eastern Zone,MOSIEND representing Agwutobolo clan, and Comrade Emilia Erasmus , Treasurer Eastern Zone, Ikurru Clan in Andoni LGA, Rivers State, made their grievances known.

In their separate views, they accused government, the multinationals, NDDC, the Niger Delta Basin Development Authority, of continually promoting unfavorable policies and programmes to undermine the development of the community.

Comrade, Eli Eli Stanley, stated that the communities under their clans have been totally shut out of government presence, making life unbearable for the people.

He noted that the women are mostly hit by this hardship, adding that human capacity building that would have help for their survival are hardly seen.

“NDDC hasn’t done anything thing meaningful for our people, there’s no such thing concerning development, there’s no power supply in our communities, we don’t have roads, we re urging government to come to our aids”

We are mainly fishermen, and that is our main essence of survival but no provisions of basic amenities. Provision of boat, fishing nets and other things would have help in providing food for our family and livelihood but reverse is the case. We are peace loving people and we deserve assistance from government at all levels.

The Government Intervention Agencies should have a representative office at local the government level for effective engagement and responses so we can have a feel of government.

Comrade Emilia, also lamented the unavailability of sources for portable drinking water and Schools, adding that the only school we have is a dilapidated building.

” No Portable drinking water, No power supply, the whole community is a shadow of itself, despite hosting oil company”

No health facilities in our communities, if there are health challenges we have to travel far to other Local Government Areas to get services.

“We need health facilities, fishing is our only source of livelihood, so government should provide us boat, fishing net and others.
Portable Drinking
Water and Power supply

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