How Fuel Price Can Be Reduced To N300 Per Litre – Agbakoba.
Former President of Nigeria Bar Association (NBA), Dr. Olisa Agbakoba (SAN) has shared his thoughts on how the price of fuel can be reduced to half its present price.
Agbakoba explained that if the Nigerian National Petroleum Corporation (NNPC) can sell crude oil to modular refineries in the country at a naira price then it would lead to a crash in the price.
Streetdope reports that fuel is currently being sold for N600 per litre.
Speaking on the fuel price during an interview with Vanguard, Agbakoba insisted that the federal government ought to set aside a national crude oil scheme for local consumption.
He argued that the price of fuel will remain high if NNPC continues selling at the international market rate.
According to him, “I can give an idea of how to reduce the price of PMS today by half. To achieve that, NNPC should sell crude to many modular refineries in the country at a naira price. Why should NNPC sell our crude oil to Nigerian modular refineries in dollars? We must set aside a national crude oil scheme for local consumption.
The price will drop to N300. I dare NNPC to try it; the price will drop. But if you sell it at the international market rate, how will those who are selling it locally source forex to buy and thereafter sell in Naira? They just have to jack up the price! That is the problem. It is important that the government understands how and when to make the right decision to help people and alleviate suffering.”