Published On: Fri, Mar 26th, 2021

Onuesoke To NNPC GM: Increase Of Fuel Price To N200 Above Is Outrageous

LAGOS MARCH 26TH (URHOBOTODAY)-Peoples Democratic Party (PDP) Chieftain,Chief Sunny Onuesoke has described as extremely outrageous the purported increase of fuel pump price from N162 to N200.
Recall that the Group General Manager (GMD) of the National Petroleum Corporation (NNPC), Mele Kyari who spoke during the weekly presidential ministerial media briefing held at the presidential villa, Abuja on Thursday disclosed that fuel pump price will soon sell above N200 per litre.

He said the new price is being contemplated because the corporation can no longer sustain the monthly subsidy of N120 billion ($263,248 million) in dispensing the product at the current rate. Depending on the location, PMS at present sells for between N163 and N165 per litre. Stressing that NNPC could no longer afford to bear the cost, he disclosed that sooner or later Nigerians would have to pay the actual cost for the commodity.
While describing the purported increase of fuel pump price from N167 to above N200 as too outrageous, Onuesoke disclosed in a statement that available research findings have shown that the average Nigerian have made up their minds not to believe the government on the ‘latent good’ a removal of the subsidy can bring’, adding that with the subsidy in place: the country have 33% unemployment figure with high inflation figure for February 2021 which is the highest in the history of the country.
“Inflation rate in Nigeria is already high enough and they want to increase fuel price again meaning another round of hike in transportation which will affect food prices, goods and other services. How many times will fuel price increase before this President Buhari leaves office?” he queried.
He pointed out with the removal of total subsidy the rate of unemployment and poverty that will follow it will spiral thereby resulting in increase of criminality and other kind of vices that will do the country no good.
The PDP Chieftain argued that Nigerians are yet to come to term with the Muhammadu Buhari’s government which promised reduction of fuel pump price from N87 to N45 during 2015 Presidential campaign but had increased fuel pump price astronomically for four times within five years without creating any economical soft landing to caution the effects.
“In 2015 Buhari’s led APC government increased fuel pump price from N87 to N145, 2019 from N145 to N162, 2020 from N162-124 and 2020 from N124-N162. Now his government is contemplating increasing it from N162 to N200 and above all on the excuse of increase in crude oil prices and deregulation. By the time crude oil starts selling for 100 USD, we should be prepared to buy fuel for 500 Naira per litre. This eventually will ultimately ruin the remaining purchasing power Nigerians have left,” he stated.
He advised the government to think of other areas of boosting the economy of the country instead of total dependence on oil whose increase in crude price at the international market has become nemesis instead of blessing to Nigerians hence it affects the dosmetic price of fuel with resultant effect of high inflation.
“I will still suggest that the government should resuscitate the nation ailing refineries so that it can refine our crude oil within instead of sending our crude oil abroad for refining and paying higher price in return. This is the only way we can take ourselves from this deregulation crisis,” he suggested.

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