Nigerians Say Price Reduction Is Commendable But Should Be Set At N80 Per Litre To Reflect Global Price Crash
“The decision is very timely for the masses to be able to cope with the impact of the global economic devastation arising from COVID-19.
Also speaking, Mr. Chinedu King said, “the reduction of the pump price is commendable but should reflect the global oil crash, “I expect President Buhari to make the reduction to be from N145 to N80 so as to reflect the global drop in price.
“It is also a sincere reaction to market forces and a part of steps of an administration determined to rewrite the grievous and foundational mistakes which are hurting us as a country now.
“Ordinarily, one would have wondered the source of courage for the government to implement this policy at a time our revenue has dropped even far below expectation because of the fall in the price of crude oil.
“This is even when it is still battling on how to meet up with the benchmark to be able to finance the 2020 budget,” he said.
Also speaking, Prof. Wellington Oyibo, Head, African Networks for Drug and Diagnostic Innovation (ANDI), an NGO, described the government’s response as “very commendable”.
“The response from the government is very commendable. Economy drives the life of people and how they respond to situations.
“The action will reduce the prices of transportation of goods and services and still leave people with money for some other things.
The Managing Director, BIC Consultancy services, Dr Boniface Chizea, however, said the pump price reduction ought to have come before now.
“That is what should be expected when we say that we are going to deregulate the price of petroleum.
“We did so in the expectations that when the price goes up, we are going to pay more and when the price falls as it has fallen now, a pump price reduction should be reflected.
“So, that has been part of the expectations.
“But quite some time now, that has not happened, we never had any reduction. I think that this is a welcome development that should be commended,” he said.
Meanwhile, NAN reports that the compliance level of some petrol stations around Ikotun and Ejigbo Local Council Development Area is poor.
At the NNPC filling station in Ejigbo, fuel is now sold at N125 per litre, the change has also been effected on its signboard, same at PetroCam, Ilepo, Ejigbo.
The Mobil Filling station, Hostel Bus Stop and First Royal petrol station, Ikotun Egbe, had yet to start selling at the approved price as at the time of filing this report.
