CUPP Calls for Investigation into NNPCL’s Fuel Pricing, Alleges Conspiracy and Exploitation

The Coalition of United Political Parties (CUPP) has called for an investigation into the recent pricing of Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPCL). The coalition alleges a conspiracy and exploitation following NNPCL’s disclosure of purchasing fuel from the Dangote Refinery at a price of N898 per litre.

In a statement issued by CUPP’s National Secretary, Peter Ameh, the coalition expressed concern over the NNPCL’s revelation, which has sparked nationwide controversy. CUPP argues that this high fuel price raises critical questions regarding production costs, transparency, and the ongoing exploitation of the Nigerian populace.

According to the CUPP statement, “The exorbitant cost of fuel purchased from Dangote Refinery is unjustifiable, particularly given the absence of tariffs, landing costs, and port charges. Since crude oil is supplied in local currency, the refinery’s production costs should be substantially lower. Therefore, it is crucial that Dangote Refinery provides a detailed breakdown of its production costs to justify the steep price of N898 per litre.”

CUPP further criticized the apparent lack of transparency and accountability in the fuel pricing mechanism, stating that NNPCL’s actions suggest a scheme to maintain an exploitative pricing regime covertly. “This situation undermines the benefits of domestic refining and raises doubts about the actual advantages of local refining,” the statement added.

The coalition also emphasized that the high fuel price remains out of reach for the average Nigerian consumer, negating the purpose of having a refinery within the country. CUPP believes that the current pricing structure perpetuates the exploitation of vulnerable Nigerians.

In conclusion, CUPP stressed the need for transparency, accountability, and regulatory oversight in the energy sector. “The NNPCL’s disclosure underscores the necessity for the National Assembly to step in and provide stringent oversight. Dangote Refinery must offer a transparent breakdown of its production costs, while NNPCL should be mandated to negotiate more competitive prices. Additionally, the government must empower an independent regulatory body to oversee pricing mechanisms and safeguard consumers from exploitation,” the statement urged.

“Only through such measures can Nigeria realize the full potential of domestic refining and ensure affordable energy for its citizens,” CUPP concluded.