Okupe to NNPCL, Marketers: Don’t Tarnish Tinubu’s Image Over Petrol Pricing

In a direct appeal to the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers, former presidential spokesman Dr. Doyin Okupe has urged transparency in the pricing of petrol to prevent damaging President Bola Tinubu’s public image. Okupe expressed concern that recent price adjustments could make the president appear insensitive to the struggles of Nigerians.

In a statement released Friday, titled “Dangote Refinery, NNPCL, Oil Marketers, and the Voodoo of PMS Pricing,” Okupe criticized the perceived lack of transparency and accountability in the pricing process for Premium Motor Spirit (PMS). He called on stakeholders to show empathy for Nigerians facing escalating costs.

Okupe stated, “The opacity surrounding PMS pricing is a national embarrassment.” He questioned the insensitivity of petroleum agencies, citing the current Free On Board (FOB) price of PMS in Rotterdam, which stands at $0.541 per liter (equivalent to N927.82 at an exchange rate of N1,715 to $1). According to Okupe, the FOB cost for Lagos should not exceed N842.83 per liter when factoring in cost savings on freight due to local refining.

Okupe, who previously served as Director-General of the Peter Obi 2023 Presidential Campaign Council, invited NNPCL, Dangote Refinery, and oil marketers to provide transparency and counter his calculations if inaccurate.

The appeal follows NNPCL’s recent increase in petrol prices, which saw Abuja retail prices move from N1,030 to N1,060 per liter, while Lagos stations adjusted from N998 to N1,025 per liter.