Abuja (Sundiata Post) – Nasarawa State Governor Abdullahi Sule says crude oil prices will dictate the pump price of petroleum in Nigeria, adding that the product sells for over N1,000 per litre in some West African countries.
There has been a hike in the price of petrol in Nigeria since President Bola Tinubu pronounced that subsidy era is gone. Since the late May inauguration comment, the price of the commodity has gone from around N190 per litre to between N600-N700 in many parts of the country.
While the development has triggered a wave of backlash and criticism of the government, Governor Sule said since the industry has been deregulated, Nigeria cannot control the pump price of petrol.
“You cannot determine the price of a product you don’t have. Today, we are importing. If we are importing, so many things can happen in the world market today. If there is some kind of crisis in the Middle East, if the price of crude jumps to somewhere around maybe $200 per barrel, this N600 [price for a litre of petrol] will jump,” he said on Friday’s edition of Channels Television’s Politics Today.
“Around the year 1999, 2000, and the rest of that, the price of crude was as low as $10 per barrel. If it goes to that, then the price of this product will come down to less than N100 per litre.
“It is a situation of a product we don’t have. If you don’t have you can’t control price. That is the meaning of deregulation.”
“Well for your information, in other countries around West Africa, there are places where it is over N1,000 per litre,” he added.
‘It is a Lot’
Governor Abdullahi Sule of Nasarawa State
Governor Sule equally spoke about the proposed N8,000 Federal Government palliative owing to the stoppage of subsidy.
He faulted critics of the move, saying the money will go a long way for many families in the country.
“We were sharing only N5,000 and believe me there were so many people that were waiting for that N5,000 every month. Indeed there were some communities that were able to do some kind of contributions and they were able to do a lot in their various communities.
“So, N8,000 may not be so much money to some people, but it is a lot to so many other people who are from very poor families that don’t see N8,000 every month. So, the only thing is that let us identify those families,” Governor Sule argued.
