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Flashback: Fuel Should Never Cost More Than ₦70 Per Litre – APC

Published

3 months ago

Sep 4, 2024.

Flashback: Petrol Should Never Cost More Than ₦70 Per Litre – APC

Nigerians are grappling with frustration as petrol prices soar to an unprecedented ₦855 per liter at NNPCL stations, particularly in Lagos, worsening the fuel scarcity and increasing the cost of living.

The steep hike has drawn widespread criticism, with many, including Nollywood actress Kate Henshaw, voicing their concerns on social media.

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EKO HOT BLOG reports that Henshaw highlighted the sudden ₦200 per liter increase as alarming.

This crisis comes years after the now-ruling APC, in 2015, criticized the previous administration for setting petrol prices at ₦87 per liter, arguing it shouldn’t exceed ₦70.

The APC’s statement from 2015, released by Lai Mohammed, described the reduction of the petrol price from ₦97 to ₦87 as mere “tokenism” in light of the significant drop in global crude oil prices.

The party argued that even at ₦87 per liter, Nigerians were overpaying for petrol, subsidizing inefficiencies and corruption in the oil industry.

Flashback: Petrol Should Never Cost More Than ₦70 Per Litre – APC

Now, nearly a decade later, the reality of petrol prices exceeding ₦800 per liter is causing widespread distress, with many citizens questioning the government’s handling of the oil sector and its impact on the economy.

APC at the time stated, “When crude oil was selling at 100 dollars per barrel, the landing cost of PMS without subsidy was 125 Naira per litre. Now that the oil price has crash to about 44 dollars per barrel, landing cost without subsidy is about 65 Naira per litre. The same goes for diesel which should not sell for more than 90 Naira per litre.

“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 per cent while Tanzania reduced the pump price of the product by 16%. 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% price slash in Nigeria is too meagre too late.”

Fast forward to 2024, petrol sells for over ₦1000 in some states currently due to scarcity.