If We Truly Deregulated Shouldn’t Fuel Price Have Dropped?, Atiku Asks Buhari

The controversies concerning the increase in the price of fuel have continued to be on the increase. The latest is the question asked by the former Vice President, Atiku Abubakar over the new petrol price.

Abubakar, who was the Presidential candidate of the Peoples Democratic Party (PDP) has therefore questioned the new increment. The NNPC recently increased the price of its supply, prompting filling stations across the country to follow suit with varied prices from N159 to N161.

READ: Latest COVID-19 Update in Nigeria

The price of crude oil as of September 04, 2020, is $39.77 per barrel. A barrel of oil makes 158.987 litres. This means a barrel cost N6,360 averagely.

“I am a businessman. I look at things from an economic perspective. Questions beg answers. The price of crude is down from where it was in 2019. In the US and Europe, fuel prices are far lower than they were in 2019. If we truly deregulated, shouldn’t fuel price have dropped?,” Atiku asked via his tweet.


Petroleum Minister reveals benefit of deregulation

The Minister of Petroleum Resources, Timipreye Sylva had during a special briefing on deregulation in Abuja said since the removal of fuel subsidy, the Federal government has saved over N1 trillion.

He also said the move the deregulation policy has opened up the sector for other benefits and investment opportunities.

READ: Latest Nigeria News Headlines September 8 2020

According to him, the deregulation policy would help Nigeria address its fuel refining problem, and more investors would be attracted to investing in building refineries. This he said will lead to increased refining capacity. With this, Nigeria would end fuel importation. It will further stop huge foreign exchange losses as well as create jobs.

Leave a Reply

Your email address will not be published. Required fields are marked *