Imported fuel not cheaper, unless you stole crude oil from Nigeria – Kalu

A financial analyst and educator, Kalu Aja, has dismissed the claim by some oil marketers suggesting it is cheaper to import Premium Motor Spirit (PMS), from abroad to Nigeria than source from a local refinery.

Aja said the claim might be the case if only the persons stole the crude oil from Nigeria and are now importing PMS back to the country to launder the theft.

“I say again. There is no way you can import PMS back to Nigeria at a price lower than a local refinery refining local Nigerian crude oil Unless you stole the crude oil from Nigeria, exported it, and are now importing PMS back to Nigeria to launder the theft,” Aja posted on X.

The statement comes amid denial by Dangote Refinery, on Saturday, describing as fake the allegation it’s selling Premium Motor Spirit, PMS, also known as petrol at between N1, 015 and N1, 028/litre.

It was also reported that the Independent Petroleum Marketers Association of Nigeria, IPMAN, had claimed that the price of fuel from Dangote Refinery, as of last week, was higher than in other places.

Yakubu Suleiman, National Assistant Secretary of IPMAN had made the claims on Friday while fielding questions on Arise Television’s Morning Show programme.

I say it again, “There is no way you can import PMS back to Nigeria at a price lower than a local refinery refining local Nigerian crude oil

“Unless you stole the crude oil from Nigeria, exported it, and are now importing PMS back to Nigeria to launder the theft,”  he said.

— Kalu Aja (@FinPlanKaluAja1) November 2, 2024