Despite a major drop in global crude oil prices, Nigerians are still paying premium prices at the pump — and PENGASSAN is not having it.

The Petroleum and Natural Gas Senior Staff Association of Nigeria has called out fuel marketers and regulators for keeping fuel prices around ₦900 per litre, even though crude oil has slipped to $60–$65 per barrel. According to PENGASSAN President Festus Osifo, that’s nothing short of exploitation.

“When oil was $80, fuel was ₦900. Now oil is cheaper, and prices haven’t moved. Who’s benefiting from this? Certainly not Nigerians,” Osifo said, clearly frustrated.

He slammed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for looking the other way while marketers allegedly cash in. Osifo insists that under current conditions, PMS should be going for ₦700–₦750 per litre at most.

“This is why we need daily pricing templates. Let the public see the math,” he said, urging the regulator to step up and protect consumers in the so-called “deregulated” market.

Osifo didn’t stop there. He also reignited calls for the government to fix the still-dormant Port Harcourt Refinery, suggesting a bold move: adopt the NLNG model — keep government stake at 49% and hand control to experts who know how to run it profitably and efficiently.

“We’ve been shouting this for over 15 years. Less politics, more performance,” he added.

He also warned that the soaring cost of securing oil facilities is driving investors away, noting that no amount of policy will work if insecurity isn’t tackled.

“Oil companies are packing up and leaving because it costs too much to protect their operations. Fix security, or forget investment,” he said.

In a country where every naira counts, PENGASSAN’s message is clear: Nigerians deserve fair prices — not profit games.