TheCable

The Peoples Democratic Party (PDP) says the current price of a litre of petrol is “provocative” and that the product should not be sold for more than N150.

On Tuesday, oil marketers increased the pump price of petrol at retail outlets to N617 per litre in Abuja and N568 in Lagos.

The development elicited angry reactions from many Nigerians who held that the current price of the product will negatively impact a chunk of the country’s population.

Since the announcement of the removal of petrol subsidy by President Bola Tinubu on May 29, the price of the product has continued to rise.

The removal of subsidy on petrol means that the price of the product at filling stations will be determined by market forces.

Reacting in a statement on Tuesday, Debo Ologunagba, PDP spokesperson, said the price hike is “worsening the already suffocating economic situation” in the country under the All Progressives Congress (APC).

The party said Nigerians are losing their means of livelihood to the “badly planned and hurriedly executed” policies of the APC.

“The PDP is alarmed that with its ill-thought-out, badly planned, and hurriedly-executed policies, the APC is running Nigeria’s economy aground with the value of naira rapidly plummeting, businesses and production shutting down,” the statement reads.

“The present dire situation comes as a consequence of APC’s insensitivity, seething corruption, scandalous cluelessness, and lack of capacity to effectively steady and manage the nation’s economy.

“The PDP dismisses APC’s insensitive and lame argument of market forces and comparison of price of fuel in Nigeria with those of other countries which have functional infrastructure, variety of affordable alternative transportation system and sources of energy.

“Our party insists that the N617 per liter of fuel is excessive, unacceptable, and cannot be justified under any guise. This is especially given the economic potential and prospects within our country.

“Even with the removal of subsidy on petroleum products, the PDP maintains that with a deft, transparent, and innovative management of resources, economic potentials, national comparative advantage, and expanded value chain in refining capacity, fuel should not sell for more than N150 per litre in Nigeria.”

In the build-up to the February 25 presidential election, Atiku Abubakar, PDP presidential candidate, vowed to end the petrol subsidy regime, while describing the scheme as a “fraud”.