The Petroleum and Natural Gas Senior Staff Association of Nigeria says petroleum marketers should sell Premium Motor Spirit (PMS) between N700 and N750 a litre litre in the country.
Its President, Comrade Festus Osifo, who said this at a press conference in Abuja, accused petroleum marketers of exploiting Nigerians through inflated petrol prices.
He faulted the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria,adding that despite crude prices dropping from about $80 to $60 per barrel, petrol continues to sell at around N900 per litre.
He blamed the pricing inconsistency on the failure of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to effectively monitor and regulate pricing under the deregulation framework.
He advised that NMDPRA should not watch the suppliers of products exploit the citizenry on the pretence of deregulation.
Osifo,who acknowledged the profit motive of businesses,however maintained that regulatory oversight is necessary with a view to ensuring fairness.
NMDPRA,he said, should commence immediate publication of pricing templates to ensure transparency and to prevent arbitrary pricing under the deregulated system.
