PDP rejects N108 ex-depot price for PMS

The Peoples Democratic Party (PDP) on Thursday rejected the new ex-depot price of N108 per litre for the Premium Motor Spirit (PMS).

The party in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, insisted on a new pricing template that would accommodate a fuel pump price of between N60 to N70 per litre to reflect the crash in the price of crude oil in the international market.

It described the ex-depot price as fraudulent and a far cry from the appropriate pump price template, saying it was completely unacceptable to Nigerians.

The statement read: “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 -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-led 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.

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“The party charges the Nigerian National Petroleum Corporation (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 continue 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.”

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