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
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....