The Major Oil Marketers Association of Nigeria has said the pricing template for Premium Motor Spirit should be reviewed regularly to ensure that the price of the commodity reflects the reality on the ground.

he PUNCH had reported last week that the landing cost of the PMS being imported into the country had risen to at least N205 per litre on the back of the recent increase in global oil prices, putting more pressure on the Nigerian National Petroleum Corporation.

The Chairman, MOMAN and Managing Director, MRS Oil Nigeria Plc, Mr Andrew Gbodume, said the nation’s current business model for the distribution of petroleum products was unsustainable.

Gbodume, who stated this on Monday at a press briefing, commended the Pipelines and Product Marketing Company, a subsidiary of the NNPC, for its efforts over the last few months in ensuring consistent supply of petroleum products within the country.

He stated, “The PPMC has demonstrated its resolve in guaranteeing a non-reoccurrence of the scarcity the nation experiences at the end of 2017 and quite frankly has done well so far.

“However, the NNPC, being the sole importer and supplier of petroleum products in Nigeria at the cost incurred, it should be clear to all Nigerians that this policy direction is not sustainable.”

According to MOMAN, the path to fully achieve a sustainable operating environment for the Nigerian petroleum industry begins with the downstream private sector.