The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has slammed petroleum marketers for exploiting Nigerians, stating that the pump price of petrol should range between N700 and N750 per litre — not the current N900.

Speaking at a press conference in Abuja on Monday, PENGASSAN President, Comrade Festus Osifo, expressed concern over the failure of regulatory authorities to ensure fair pricing despite a significant drop in global crude oil prices.

“When the crude price reduced to around $60 per barrel, we did not see a commensurate reduction in the pump price,” Osifo said.

He pointed out that when crude oil sold for about $80 per barrel, petrol was already around N900/litre. Now, with global prices hovering between $62 and $65, Nigerians are still paying close to the same.

“There is what we call PLAT. When you do the calculation properly, we should be buying PMS somewhere around 700 to 750 Naira per litre,” he added.

Osifo also criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to protect citizens from market abuse.

“NMDPRA should not watch the suppliers of products exploit the citizenry on the pretence of deregulation,” he warned.

He emphasized that crude oil price and exchange rate determine about 80% of the final pump price and called on regulators to begin publishing pricing templates to promote transparency.

“It is the regulator’s responsibility to protect the people. If this exploitation continues, Nigerians will never benefit from global oil price drops, only bear the burden when prices rise,” Osifo stressed.

PENGASSAN’s comments come amid growing frustration over Nigeria’s high fuel costs, despite favorable shifts in global oil markets.