Now that Oil is less than $50/barrel, FG should lower petroleum price
Since the beginning of this month, Oil (petroleum) price has been falling down from about 100 dollars to what is now less than 50 dollars per barrel. Despite this changes and the falling of the price by half its price, still the official price of Oil (petroleum) is 97 naira per barrel in Nigeria. This is unethical. Changes in petroleum price should always reflect in changes in the market price. For a large Oil producer nation like Nigeria, now that the price has fallen significantly, Oil price should be made to about 50 to 60 naira per liter.
It was sad that even after the fuel subsidy demonstrations that resulted into the massacre of over 10 people, still Nigerians buy petroleum at a very high price, in fact, the highest in the league of oil producing countries (OPEC). Despite the fact that subsidy was partially retained, but still, it is only some cabal of less than 1 percent of Nigerians that are benefiting from the oil resources. Even the subsidy reinvestment project (SURE-P) is not making any positive impact to Nigerians.
while it is true that the fall in the price has immensely affected Nigeria's Income and foreign exchange, but still, that should not be a reason why Nigerians will be made to buy oil price higher than any other country of the world.
The change in petroleum price and value should reflect in Nigeria. The petroleum price and regulations (PPRP), ministry of petroleum, and other relevant agencies should lower the price immediately. That will reflect the price in international markets and other countries of the of the world. That will also genuinely justify it processing value and its true price.
Comrade Abdulbaqi Jari Katsina