Atiku explains why fuel price should have dropped

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The former presidential candidate of the Peoples Democratic Party, PDP, Gen. Atiku Abubakar, on Tuesday, further expressed his disappointment on the sudden increment of the pump price of petrol by the Nigerian government.

Atiku said the hike from an economic perspective was terrible for Nigeria.

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

PPMC, which is a subsidiary of the Nigerians National Petroleum Corporations, NNPC, announced the new price in a statements 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 challenging to fund the country’s budget.

In a new tweet, the former Vice President wrote: “I am a businessman. I look at things from an economics perspectives. 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?”

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