Reduction in petrol price is tokenism, PDP tells Buhari

THE Peoples Democratic Party (PDP) has described the ‘new’ pump price of pet­rol as announced on Tuesday by the Petroleum Products Pricing Regulatory Agency (PPPRA) as a continuation of what it called the All Progres­sives Congress (APC) gov­ernment by deception.

The party, in a statement by its National Publicity Secre­tary, Olisa Metuh yesterday said the reduction offered too little to cheer.
“After heightened expec­tations occasioned by the promise to review the N87 per litre pump price of petrol made by the administration amid crippling scarcity of the product during the Christmas season, the announcement of this tokenism has come as a disappointing anti-climax, considering that only in Janu­ary this year, the PDP-led Federal Government reduced the pump price from N97 to N87 per litre.
“That was done in the wake of the fall in the price of crude oil to between $42.65 and $50 per barrel. The PDP gov­ernment then, in reaction to the development in the global oil market, revised its pricing template that brought down the pump price by N2.84 more than the N87 fixed as the pump price of petrol.
“The implication was that the Federal Government was still subsidising the N87 price by N2.84 per every litre of the product.
“The APC-controlled Fed­eral Government, consequent upon stepping in the saddle on May 29, this year consid­ered the market and decided through a supplementary ap­propriation to pay N413 bil­lion as subsidy to petroleum marketers.
In announcing the new pump price, the APC-led Federal Government claimed that the  subsidy element has been removed.

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