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

The PDP made its stand known in a statement by its national publicity secretary, Debo Ologunagba, on Wednesday in Abuja.

“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,” Mr Ologunagba said.

Mr Ologunagba added that even with the subsidy removal on petroleum products, fuel should be sold for at most N150 per litre in Nigeria.

“Even with the removal of subsidy on petroleum products, 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,” he said.

Mr Ologunagba said the rising fuel cost had worsened Nigerians’ economic conditions and charged the All Progressives Congress (APC) led administration to seek ways to stabilise and grow the economy.

The national publicity secretary also said that the PDP was alarmed over the fall in the value of the naira.

He explained that the situation had forced businesses and production to shut down, made citizens lose their jobs and crippled commercial and social activities.

According to him, millions of families can no longer afford their daily needs as prices of food, medication, and other essential goods and services continue to skyrocket.

The PDP scribe said this was not the country for which Nigerians yearned and voted.

He dismissed the argument of market forces and comparison of price of fuel in Nigeria with other countries, saying that the countries being mentioned have functional infrastructure, transportation systems and energy.

The PDP national publicity secretary added that the currencies of such countries were very strong while their citizens earned far higher than what obtains in Nigeria. 

(NAN)