The Peoples Democratic Party (PDP) has described the increase in the price of petrol to N617 per litre as excessive, unacceptable, and unjustified.

The PDP said with a deft, transparent and innovative management of resources, economic potentials, national comparative advantage, and expanded value chain in refining capacity, the price of petrol should not be more than N150.

The opposition party said this in a statement issued by its National Publicity Secretary, Debo Ologunagba, on Wednesday, July 19, 2023.

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

The PDP added that with the removal of subsidy on petrol, the product should not be sold for more than N150 per litre in Nigeria.

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It stated that the rising cost of fuel has worsened the economic conditions of Nigerians, calling on the ruling All Progressives Congress-led administration to seek ways to stabilise and grow the economy.

The party stressed that the situation has forced businesses and production to shut down, make citizens lose their jobs, and crippled commercial and social activities.

“Millions of families can no longer afford their daily needs as the cost of food, medication and other essential goods and services continue to skyrocket,” it noted, adding that this was not the country Nigerians yearned and voted for.

The PDP further dismissed the argument of market forces and comparison of price of fuel in Nigeria with other countries, saying the countries being mentioned have functional infrastructure, transportation system, and energy.

The opposition party added that the currencies of such countries were very strong while their citizens earn higher than what Nigerians obtained.

The Star