You can’t sell petrol at N90 without re-introducing subsidy – APC

The All Progressives Congress (APC) has said that the opposition People’s Democratic Party (PDP) cannot sell petrol for N90 without re-introducing the famous fuel subsidy.

The opposition party had said if voted into power will sell petrol for N90 instead of the N145 pump price introduced by the present administration at inception after removing the subsidy which allows oil intermediate merchants to import the substance to Nigeria with government money and the product diverted to other routes.

The ruling party speaking through its acting national publicity secretary on Sunday, Yekini Nabena said the reported promise by the Presidential candidate of the People’s Democratic Party,

to reduce the pump price of petrol from the prevailing N145/Liter to N90/per liter, sounds like a cheap political gist designed to hoodwink unsuspecting voters ahead of the 2019 election.

“A perusal of well entrenched and verifiable market fundamentals clearly indicates that the promise is virtually anchored on fiction and limited knowledge of the petroleum industry.

“The fact as we speak is that at a petrol cost under recovery fluctuating between N60-N70 per liter propelled by vaunting crude oil price of around $81 per barrel,

the only way the bogus promise could be possible albeit unreasonably, is through the re-introduction of the PDP styled subsidy payment schism which almost bled the nation to death.

“It is shocking to note that at a period when the nation is looking ahead to embrace the eventual deregulation of the downstream sub-sector of the oil and gas industry to allow for equitable private sector participation and break the seeming Nigeria National Petroleum Company (NNPC) monopoly of fuel importation, the PDP is plotting a reversal of the spiralling wheel of progress.

“No doubt if the PDP had been clairvoyant enough in its long years’ of ruler ship to fix the local refineries and make them work for the benefit of Nigerians,

the country would have reaped bountifully from the gains of higher price of crude oil while optimizing the benefits that comes with local processing of its God given natural resource”, the party noted.