Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), has already worked out a pricing template that will crash the pump price of fuel in the country if elected, his party said on Thursday.
According Kola Ologbodiyan, National Publicity Secretary of the PDP, the pump price of fuel should be between, N87 and N99, given the current subsidy arrangement.
The party made the statement following the clarification by the Nigeria National Petroleum Corporation (NNPC) on Wednesday that there was no truth in the rumoured planned increase of the pump prices of petroleum products, especially Premium Motor Spirit (PMS), popularly called petrol.
“Our presidential candidate, Atiku, has worked out a pricing template that will immediately crash the pump price of fuel in the country, since the Buhari-led APC administration, in its insensitivity, has failed to do the needful in the last 3 years,” the PDP said.
“We completely reject the Buhari-led FG’s increase of the official prices of diesel and kerosene. Such increment will bring more economic pressure on the already impoverished nation, as most businesses and homes across the country heavily rely on these products for sustenance
“Our Party is talking with top international players in the oil and gas industry, and this engagement has shown that the appropriate pump price of fuel in the Nigerian market, under the current subsidy regimes of the Buhari Presidency, should be within the borders of N87 to N90.
“With the current price template of crude oil in the international market, the Buhari administration has no justification to keep the pump price of fuel at N145 per litre and watch Nigerians groan under the weight of high prices, while a cabal at the presidency loot the funds.
“For every N145 paid for a liter of fuel, the Buhari Presidency cabal diverts a hidden N58 which Nigerians have continued to pay since the fuel price was increased from N87 to presumably subsidized cost of N145.”
The PDP also asked the APC government to account N3.49 trillion “stolen” under the subsidy regime.
“Apart from the N1.4 trillion allegedly siphoned through sleazy oil subsidy deals, the Buhari-led FG 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,” it said.
“We urge Nigerians not to despair as our presidential candidate, Atiku, has already worked out a blueprint that will end sleazes, ensure appropriate pricing template and free resources to guarantee the availability of product on a national pricing regime.”