The announcement of the reduction in the pump price of PMS in Nigeria by the Minister of Petroleum, Mrs. Diezani Alisson-Madueke was greeted with mixed reactions by different sections of Nigerians.
While some hastily pinned the decision on last minute election time tactics, some were more discerning and quickly realized that the fall in the price of crude oil on the global market was responsible for the reduction.
Nonetheless, many remain unsatisfied and argue that the price reduction could and should have been more than N10.
The NLC in a statement by its General secretary said that; “The reduction in the pump price of Premium Motor Spirit from N97 to N87 per litre is a welcome development. However in our estimation, it is not sufficiently deep enough.
“Prior to this price reduction, government had substantially devalued the naira, thus ensuring that the full benefits of falling crude price are not passed on to Nigerians.
“The N10 price slash translates to 10.3 per cent reduction compared to 33 per cent price reduction in most countries. For instance, in the United States the price dipped to under $2 from $3 per gallon.”
Regardless of the price change, many filling stations in Lagos are still selling at the old price of N97 per litre and at the time of writing this report, I’m yet to encounter a fuel station selling for N87 per litre.