In September 2020, the Petroleum Products Marketing Company (PPMC) raised the ex-depot price of petrol from N138.62 to N151.56 per liter.
The former depot price is the fee at which the product is purchased to entrepreneurs.
Following the increase, petrol now sells as highly as the N162 filling stations across the nation.
While the increase in the price of petrol has generated widespread criticism, President Muhammadu Buhari in his October 1 address has shown the increase to be true compared to various oil-producing nations.
Bukhari had mentioned that it is not sensible to have fuel cheaper in Nigeria than in Saudi Arabia.
The President’s spokesman, Garba Shehu, defending the President’s spokesperson, while speaking in an interview on Channel Television on Friday, noted that the pay increase was justified.
Shehu has not mentioned many Nigerians owning cars and generating units that require them to buy fuel, and as such, it is inappropriate to ask such individuals to contribute towards subsidizing fuel costs Can.
‘In the case of oil, we have now stopped subsidies within the curiosity of Nigerians; Furthermore, we are becoming members of the worldwide market system, so, when international oil prices come down, Nigerians will be beneficiaries, although after they arise, we will have to take part in it additionally.
‘Therefore, it is important that we all know what happens elsewhere. And it is not entirely Saudi Arabia that Mr. President cited. Folks say that Saudi Arabia has all these social assistance programs. Let’s talk about these neighboring countries – Chad, Niger, Ghana – they all produce oil. And they are selling twice as much oil as is being made available to Nigerians right now. So, But why can’t I add mirrors in addition?
‘We belong to a world market system; We are purchasing most of our refined products from the worldwide market. Anyway, how many vehicles does Nigeria have? How many of them run generators of their properties that they want for this fuel? Is it true that farmers and shepherds and all the lower strata of our society, that taxpayer cash is taken from them and is subsidizing the outlook of life of our townspeople? The President is simply trying to be sensible on the matter.