Atiku Narrates Why Price Of Fuel Should Have Dropped

Atiku has given an analysis of why the price of fuel should have dropped instead of increase. 

CityNews Nigeria reports that the former presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar has taken to his official microblogging platform, Twitter to explain why fuel price should have dropped.

Atiku while giving the analysis further expressed his disappointment on the sudden increment of the pump price of petrol by President Muhammadu Buhari led federal government.

According to Atiku,  ‘the hike from an economic perspective was bad for Nigeria’.

CityNews Nigeria had earlier reported that the Nigerian government through the Petroleum Products Marketing Company (PPMC) had announced a new ex-depot price of N151.56 for petrol.

This online news medium understands that PPMC, which is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, announced the new price in a statement signed by D.O Abalaka of the PPMC.

Reacting to the increment, President Muhammadu Buhari had blamed the COVID-19 pandemic for the hike.

The president had explained that the outbreak led to a downturn in Nigeria’s finances, a situation that made it difficult to fund the country’s budget.

Countering Buhari’s claims via a tweet post, Atiku wrote: “I am a businessman. I look at things from an economic perspective. Questions beg for answers. The price of crude is down from where it was in 2019. In the US and Europe, fuel prices are far lower than they were in 2019. If we truly deregulated, shouldn’t fuel price have dropped?”

I am a businessman. I look at things from an economic perspective. Questions beg answers. The price of crude is down from where it was in 2019. In the US and Europe, fuel prices are far lower than they were in 2019. If we truly deregulated, shouldn’t fuel price have dropped?

— Atiku Abubakar (@atiku) September 8, 2020