Abuja: The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce a transparent pump pricing template. President of the union, Mr. Festus Osifo, made the call at a World News Conference in Abuja on Monday. Osifo highlighted the exploitation of Nigerians by petroleum marketers through inflated fuel prices, despite a decrease in crude oil prices.

According to News Agency of Nigeria, Osifo noted that when crude oil was priced at 60 dollars per barrel, petrol pump prices remained high at between N850 and N900 per litre, causing consumers to suffer. He criticized the NMDPRA for failing to carry out its oversight duties effectively, stating that it is the regulator's function to ensure fair pricing for Nigerians. Osifo called on NMDPRA to establish a platform to publish appropriate price ranges and take responsibility to prevent exploitation.

Osifo also praised the federal government for signing the Executive Order on the upstream oil and gas industry, specifically concerning the reduction of operational costs for companies. He pointed out the prohibitive expenses incurred by upstream companies to protect their facilities, which is a factor contributing to the exit of international oil companies from Nigeria.

Addressing the issue of Nigeria's non-functional refineries, Osifo reiterated the call for the federal government to adopt PENGASSAN's recommendations from 15 years ago. He advocated for the adoption of the NLNG model, where the government holds 49 percent and private investors hold 51 percent, arguing that this model has proven effective.

In addition, Osifo mentioned that the union had reached a resolution with Sterling Oil Company regarding disputes over expatriate staff hiring practices.