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Petrol price to be cut to N65

The Committee for Democracy and Rights of the People (CDRP) has questioned the motive behind the federal government’s reduction of the price of Premium Motor Spirit (PMS) from N97 to N87.


PM News Reports


A human rights organisation in Nigeria said the decision was not in the interests of the Nigerian masses and therefore “parochial and politically motivated”.

The National Coordinator of the group, Comrade Saka Waheed, said the N87 price was illogically arrived at, in the face of diminishing global oil prices.

“The natural economic expectation of our organization is that the price of petroleum would drop in conformity with the current global fall in the price of the commodity. Therefore, it is strange and parochial to hear that the federal government is celebrating a paltry N10 reduction.

“A careful review of government action thus far has clearly shown that the federal government has not learnt from the aftermath of January 1st 2012 subsidy protest. They are about to impose a reverse subsidy on the populace. In case the government does not know, the main message of the 2012 protest was that there is a limit upon which government can take people for granted” Comrade Saka stated.

The group therefore emphasized that the government has no basis to keep the retail price of PMS at N87.

“The price of PMS must revert to N65 with immediate effect”, the group said.

It will be recalled that, in a rather shocking move, the Federal Government has announced the reduction of fuel from N97 per litre to N87 per litre.

The announcement was made by Minister of Petroleum Resources, Diezani Alison-Madueke, at a press conference held at the Presidential Villa, Abuja. Mrs. Alison-Madueke also said the N10 reduction in the fuel price was necessitated by the reduction in crude oil prices in the international market.


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1 Comment
  1. frank says

    Not possible. Next

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