The Peoples Democratic Party (PDP) on Friday rejected the new N108 per litre ex-depot price of fuel announced by the Federal Government.
The party in a statement signed by its National Publicity Secretary, Kola Ologbondiyan in Abuja said only a pricing template which must accommodate a pump price of between N60 and N70 per liter would be acceptable.
Ologbondiyan noted that only such a price would better reflect the crash in the price of crude oil and petroleum products in the international market.
The PDP described the N108 depot price as fraudulent and far from the appropriate pump price template given the prevailing situation in the international oil market.
“The PDP notes that the N108 ex-depot price with a projected additional N9 per litre Expected Open Market price is therefore completely unacceptable to Nigerians.
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“Moreover, 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 (APC)-led Federal Government has continued to shortchange unsuspecting Nigerians since the beginning of the year by refusing to end its corrupt interference 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 Federal Government should immediately reduce both the ex-depot and pump price as well as surrender the billions 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,” the statement read.
