Governor of Lagos State, Babatunde Fashola has questioned the Federal Government’s reluctance to cut pump price of Premium Motor Spirit (Petrol) from N97 per litre following the fall in the global oil price.
The Governor said “We should be enjoying cheap fuel if the price of oil has dropped globally. And even as we import the product, a major component has reduced in price. While this has reduced, the pump price of fuel in the country still remains the same. Then something is wrong. If the price increases in the country when the price of oil goes up globally, then it should also reduce when the price of oil drops.
“I understand that I am not an economist; they (Federal Government) are the economist. But I have some logic and common sense to ask critical questions. For instance, if one buys flour at N10 per kilogram, and the bread was sold at N1 per loaf, if the price of flour drops, the price of the bread should also change.”
He also noted that the Nigerian economy is not doing well and many people have to survive through whatever means.
Kai, even me as a student know that petrol price in Nigeria doesn’t work that way. In UK here where I study, a litre is more than #250 oh. That’s after currency conversion. The only way the oil price in Nigeria would move with the global market is when there is full privatization. Only gullible people would see any point in our beloved Fashola’s opinion. God bless Nigeria