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Fifteen months after the price of Premium Motor Spirit, otherwise known as petrol, was increased by 68 per cent, consumers have yet to see any significant decrease in the price, contrary to the promise by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
The Federal Government on May 11, 2016 announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
It said with the liberalisation of the downstream sector, “any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by regulatory agencies.”
Following opposition by many Nigerians to the fuel hike, Kachikwu said by opening up space for people to perform, to practise their trade, “you will be amazed at what will happen to your N145 price because it will go downwards.
“We mean well and Nigerians should please trust us. Give us a chance; you will be surprised what will become of your PMS’ price over the next six to eight months.”
UCJ, UNILORIN.
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