template that must accommodate a pump price of between N60 to N70 per
liter to reflect the crash in the price of crude oil and petroleum
products in the international market.
The party, in a statement signed by Kola Ologbondiyan “describes the
N108 ex-depot price as fraudulent and a far cry from the appropriate
pump price template that should not exceed N70 given the prevailing
situation in the international oil market.
“The PDP notes that the N108 ex-depot price with a projected additional
N9 per liter Expected Open Market price is therefore completely
unacceptable to Nigerians.
“Moreover, the Federal Government has continued to shroud the indices
and parameters it is using in determining domestic prices of petroleum
products in secrecy. Such parameters obviously cannot be in tandem with
the appropriate situation in the global industry.
“The PDP laments that the All Progressives Congress (APC)-led federal
government has continued to shortchange unsuspecting Nigerians since the
beginning of the year by refusing to end its corrupt interferences and
allow market forces to determine pump price of fuel to reflect current
global prices.
“Our party insists that the Federal Government has no reason to continue
to fleece Nigerians particularly in the face of worsening economic
crisis occasioned by the COVID-19 pandemic which it had also failed to
effectively handle.
“The PDP demands that the APC Federal Government should immediately
reduce both the ex-depot and pump price as well as surrender the billion
of naira accruable as overcharge from the inappropriate fuel pricing
since the crash in crude oil price and channel the funds as palliatives
to Nigerians.
“The party charges the NNPC not to waste further time in addressing
Nigerians on its confession of sleazy and over-bloated oil subsidy
regime in the last five years which included a hazy under-recovery for
unnamed West African countries, running into trillions of naira.
“Indeed, Nigerians must not continued to be fleeced with high fuel
prices while stolen subsidy and accruable overcharges are looted by a
few individuals operating as a cabal in the APC-led administration.”