Dr. Olisa Agbakoba (SAN), former President of the Nigeria Bar Association (NBA), has given his ideas on how to cut the price of fuel to half its current level.
Agbakoba noted that if the Nigerian National Petroleum Corporation (NNPC) can supply crude oil to the country’s modular refineries at a naira price, the price will plummet.
According to Anaedoonline.ng, fuel is presently offered at N600 per litre.
During an interview with Vanguard, Agbakoba stated that the federal government should set aside a national crude oil programme for local consumption.
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He contended that if NNPC continues to sell at the international market rate, fuel prices will remain high.
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.”
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