Nigerians who bought petrol across the country paid over N180 billion under the belief that it would be sold at equal prices to Nigerians nationwide in 2017, an analysis by PREMIUM TIMES has revealed.
Despite this huge amount paid by each Nigerian who bought petrol, known as Premium Motor Spirit (PMS), official data analysed by this newspaper revealed that the products were not sold at equal prices throughout the year across the country.
The revelation calls into question the relevance of the multi-million naira Petroleum Equalisation Fund (PEF), the special intervention put in place by the Nigerian government with the mandate of ensuring that petroleum products are sold at equal prices across the country.
According to the PPPRA pricing template, for every litre of petrol bought by every Nigerian across the country, a total of N10.71 that represents ‘equalization margin’ is paid into a fund managed by the Petroleum Equalization Fund (PEF) Management Board to ensure petrol prices are equal nationwide. This is to erase the suffering encountered by Nigerians as a result of fuel scarcity, especially during the yuletide period.
PREMIUM TIMES, January 28, 2019