APC accuses FG of rip-off

All Progressives Congress, APC, has accused the Federal Government  of making a show out of deceit by its so-called fuel price reduction, saying a 10.3 percent slash in the price of petrol, from N97 to N87 is a mere tokenism at a time the price of crude oil has crashed by about 60 percent.

In a statement issued yesterday in Lagos by its National Publicity Secretary, Alhaji Lai Mohammed, the party said the pump price of a litre of fuel should not be more than N70.

‘’When crude oil was selling at 100 dollars per barrel, the landing cost of PMS without subsidy was N125 per litre. Now that the oil price has crashed to about 44 dollars per barrel, landing cost without subsidy is about N65 per litre. The same goes for diesel which should not sell for more than N90 per litre,” it said.

APC said, while governments of countries which are not as economically endowed as Nigeria have reduced the pump price of fuel as far back as early January 2015, Nigeria that is the world’s sixth largest producer of oil is just announcing a price slash that is far below those countries.

‘’Early this year, Zambia slashed the price of petrol by 23 percent while Tanzania reduced the pump price of the product by 16 percent. In the US, which until recently was importing crude oil from Nigeria, the price of fuel has fallen for 113 consecutive days as of January 16. Therefore, the 10.3 percent price slash in Nigeria is too meager too late,’’ the party said.

Source - nigerianpilot