APC Campaign Seeks Further Reduction In Petrol Price

Source: thewillnigeria.com

…Wants Overhaul Of Subsidy System
BEVERLY HILLS, January 19, (THEWILL) – The All Progressives Congress Presidential Campaign Organisation (APCPCO) has described Sunday night's sudden slash in the pump price of premium motor spirit (petrol) as a panicky political measure far too short of the people's expectation and contrary to the 50 percent relief suggested by the Buhari Team.

The Director of Media and Publicity of the APC Presidential Campaign, Mallam Garba Shehu, said in a statement issued in Abuja on Monday that “the Jonathan-led PDP government is beginning to listen to public outcry about bad governance, extortion and exploitation of the Nigerian masses in the oil sector where billions of naira are daily being ripped off the pockets of the common men and women through inaccurate pump prices of petrol, diesel and kerosene, despite the dwindling world market prices of these products.”

Shehu also faulted both the decrease ratio of N97 to N87 and the timing of the announcement by the Federal Government as “politically motivated, ill-timed and too little, too late.”

He noted that “the PDP has run out of ideas for the presidential campaign and has resulted to raking straws from inertia ponds,” adding “this measure is not different from the President's belated visit to a few places in the North East, a region which has been ravaged and devastated by Boko Haram's brigandage, a situation to which the number one citizen seemed to be oblivious of until recently.”

According to the APC Campaign “The oil price decline is 55 percent and the cut in the pump price is 11 percent. The argument is that devaluation which is approximately 10 percent should be factored in. However the timing and the inadequate price cut smacks of incompetence, insincerity and desperation.”

Explaining further, the statement said “the US has witnessed price cuts in excess of 50 percent from $4.00 to $2.00 which translates into 50c per litre or N60 per litre including state taxes.” It then wondered how petrol in the US can be 25 percent cheaper than in Nigeria?

“It just does not make sense. This is too little too late. The alternative will be to further reduce petrol prices and overhaul the subsidy system which is a cesspool of fraud, money laundering and imperfect market structures,” the APC Campaign said.

The Campaign questioned the motive and justification for a mere N10 cut in petrol price considering that global price of crude oil per barrel on which the pricing of petroleum products is predicated has plummeted from $105 to $50.

“How did they calculate the ratio? Aside, if the new price took effect from 18th January, 2015 what happens to the backlog that has existed since December? Will the Minister and her boss give coupons to Nigerians to fill their tanks to make up for the arrears? Or who is benefiting from this windfall?” APC Campaign queried, warning that “any attempt by the ruling party to make a political gain out of this natural economic phenomenon of demand and supply would definitely hit the wrong notes with the voters come February 14.”