Imported Fuel Isn't Less Expensive, Unless You Illegally Obtained Crude Oil from Nigeria – Kalu Aja

Kalu Aja, a financial analyst and educator, has refuted assertions made by certain oil marketers that importing Premium Motor Spirit (PMS) into Nigeria is more cost-effective than procuring it from local refineries.

Aja stated that such a claim could only hold true if individuals were illegally exporting crude oil from Nigeria and subsequently bringing PMS back into the country to cover up the theft.

"I reiterate, there is no scenario in which importing PMS into Nigeria can be cheaper than refining local Nigerian crude oil at a domestic refinery, unless the crude oil was stolen from Nigeria, exported, and then PMS is brought back to launder the theft," Aja expressed on X.

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

— Kalu Aja (@FinPlanKaluAja1) November 2, 2024

This statement follows a denial from Dangote Refinery, which labeled as false the allegation that it is selling Premium Motor Spirit at prices ranging from N1, 015 to N1, 028 per litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had asserted that the price of fuel from Dangote Refinery was higher than that of other suppliers as of last week.

Yakubu Suleiman, the National Assistant Secretary of IPMAN, made these claims during an interview on Arise Television’s Morning Show on Friday.