The Peoples Democratic Party (PDP) has said its presidential candidate, Atiku Abubakar, will immediately reverse the pump price of Premium Motor Spirit (PMS), also known as fuel, to N87 per litre, if he is elected as President in 2019.
The main opposition party disclosed that it has been in high level talks with top international players in the oil and gas industry, adding that its engagements has shown that the appropriate pump price of fuel in the Nigerian market, under the current subsidy regimes of the present administration, should be within N87 to N90 per liter as against the N145 currently being charged.
A statement on Thursday by PDP National Publicity Secretary, Kola Ologbondiyan, stressed that the with the current price template of crude oil in the international market, the current administration has no justification to keep the pump price of fuel at N145 per liter.
The party alleged that for every N145 paid for a liter of fuel, the ‘Presidency cabal diverts a hidden N58’ which Nigerians have continued to pay since the fuel price was increased from N87 to N145 in 2016.
The statement reads: “Apart from failing to account for the over N1.4 trillion allegedly siphoned through sleazy oil subsidy deals, the Buhari-led Federal Government is burdened to account for the over N3.49 trillion stolen
under the hidden N58 per liter of fuel on over 50 million daily domestic consumption estimated in the last three years.
“The PDP notes that had the Buhari administration heed wise counsel to be
transparent in its dealings in governance and to engage more experienced hands on petroleum issues, the nation would not have been in the dire straits we face today.
“The party however urges Nigerians not to despair as its Presidential candidate, Atiku Abubakar, has already worked out a blueprint that will end sleazes, ensure appropriate pricing template and free resources to
guarantee availability of product on a national pricing regime”.
But appearing before the Senate Ad-hoc Committee investigating the $3.5 billion petroleum subsidy on Thursday, Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Maikanti Baru, said the current pump price of N145 per litre is unrealistic, adding that the landing cost of PMS stands at N185 per litre.