The Yoruba Stakeholders Assembly has provided some clarifications regarding the Premium Motor Spirit (PMS) pump price and the related dispute.

The Yoruba Stakeholders Assembly, a dedicated advocate for openness and consciousness in Nigeria, “seeks to address the recent misinformation surrounding the pricing of Premium Motor Spirit (PMS) in the country,” according to a statement released by the group and signed by Comrade Dayo Olawale, its convener.

It stated It is critical to distinguish fact from fiction in this age of widespread conjecture and disinformation, particularly when the livelihoods of common Nigerians are at risk.

The statement, which stated that “A nuanced understanding of market dynamics, governmental roles, and inter-business negotiations is essential in fostering a culture of accountability and transparency,” was meant to serve as a reminder that informed individuals are the foundation of a successful democracy. We implore every Nigerian to be watchful, look for credible information, and participate in fruitful conversations that will ultimately lead to a more sustainable future for our country.

The group stated, “Contrary to popular belief, it is imperative to clarify that neither the government nor the Nigerian National Petroleum Company Limited (NNPC Ltd) possesses the authority to fix the price of PMS,” proving that there is no government control over PMS pricing. The PMS pricing system has changed dramatically, becoming a deregulated market where prices are mostly set by market forces. This framework is intended to promote a more favourable economic climate and a competitive environment that benefits consumers.

It went on to say that market forces are at work in the current scenario.

The group states that in a deregulated market, supply and demand, world oil prices, and operational expenses associated with distribution and refining all have an impact on PMS prices. In order to guarantee a consistent fuel supply, the NNPC Ltd. has actively collaborated with private organisations, which may lead to price reductions and more competition.

Regarding the reality of fuel acquisition costs, the statement claimed that recent talks had shown that NNPC Ltd. paid N898 per litre to purchase fuel from Dangote Refinery. It is imperative to stress that the sole goal of NNPC Ltd.’s cooperation with Dangote was to guarantee that fuel would be available to Nigerians at a reasonable cost. The NNPC Ltd.’s dedication to advancing the interests of the Nigerian people is demonstrated by this negotiation process.

According to the group, the market price of gasoline has been roughly N1,100 per litre for the past year. This indicates stable and inexpensive fuel prices. However, regular Nigerians have been protected from these skyrocketing rates by NNPC Ltd.’s proactive actions, as they receive a subsidised rate of N620 per litre. This has been made possible by NNPC Ltd’s effort to make up the difference, which, while admirable, is no longer a viable undertaking. This call for sustainability is a reflection of NNPC Ltd.’s dedication to striking a balance between keeping costs down and offering fuel at a reasonable price.

There is a false belief that Dangote’s fuel prices were set by the government. Actually, Dangote made the autonomous decision to sell NNPC Ltd his refined fuel for N898 per litre. Dangote’s proposed pricing, which NNPC Ltd successfully negotiated down to a more reasonable amount for the sake of Nigerian consumers, was first revealed to be much above N900 per litre during initial negotiations.

The direction from NNPC Ltd. to Dangote to sell his fuel to other marketers on a willing buyer-willing seller basis in accordance with the Petroleum Industry Act (PIA) strengthens the company’s resolve to foster competition in the market. By taking this move, we hope to uphold the values of fairness, accessibility, and transparency that ought to underpin all energy-related transactions: price.

The recent claims that Dangote plans to sell fuel to Nigerians for substantially less than market rates, only for the government to step in, are blatantly false. The story that implies fuel prices are manipulated by the government is untrue. The reality is that market forces, competitive discussions, and the urgent need to guarantee equitable access to petroleum for all Nigerians directly led to the price that NNPC Ltd. negotiated.

“In conclusion, we implore all Nigerians to continue being astute and discriminating information consumers as we negotiate these choppy waters of economic discourse and fuel pricing. The public conversation must be grounded in reality rather than fantasy in order for our country as a whole to

The Yoruba Stakeholders Assembly is dedicated to building knowledgeable citizens who will move Nigeria closer to a fact-based, sustainable future.