ACN To FG: The Truth About Petrol Price Has Been Revealed

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The Action Congress of Nigeria (ACN) has asked the federal government to either debunk, with facts and figures, a published informed analysis of the true prices of locally refined and imported fuel or apologise to Nigerians for cheating and deceiving

 them over the years.
Quoting an analysis from an insider, who is said to have published the figure, the party said the obviously well-informed industry insider/analyst, showed that the true price of a litre of fuel (premium motor spirit) refined in Nigeria is N33.36, while the true price of imported refined fuel (premium motor spirit) from the government's swap deal involving 275,000 barrels per day with Commodity Traders is N34.45/litre.

In a statement issued in Lagos on Thursday by its National Publicity Secretary, Alhaji Lai Mohammed, the party also said the National Assembly, as the true representatives of the people, must summon the author of the analysis to a public hearing, as part of efforts to reveal the truth about the so-called fuel subsidy.

According to the report, that means the average true price of a litre of petrol is N34.03, compared to the current price of N65 per litre which the government claims it is subsidising at N73/litre, and the proposed new price of about N140/litre when the subsidy is removed.

"This has confirmed what our party and many well-informed groups and individuals have always said that there is no fuel subsidy, and that what the government has been claiming to be subsidising is corruption and inefficiency.

"It has taken an industry insider to use facts and figures to debunk the government's fuel subsidy claim and to let Nigerians know that the government has indeed been overcharging them for fuel. While it may not be realistic to ask the government to refund all Nigerians who have been massively cheated, we call on the government to first apologise to the citizenry for deceiving and cheating them, and then follow up by selling fuel to them at the right cost," ACN said.

The party said the expose by the author of the article which was published in The Guardian newspaper of Wednesday, 28 December, 2011, is a must-read for every Nigerian.

The party said the article had confirmed its argument as it is precisely the reason why ACN has been calling for a robust debate on the fuel subsidy issue, instead of the current choreographed consultations with 'stakeholders'.

It also appealed to other newspapers to publish the report to make it more accessible to Nigerians and further the debate on the subsidy issue, before a government that is obviously under external pressure railroads the citizenry into paying almost five times the true price of fuel