Former Vice President, Atiku Abubakar, has voiced his concerns over the recent hike in the price of petrol in the country, which has now been increased to N160 per litre.
In a tweet he said, “I am a businessman. I look at things from an economic perspective. Questions beg answers. The price of crude is down from where it was in 2019. In the US and Europe, fuel prices are far lower than they were in 2019. If we truly deregulated, shouldn’t fuel price have dropped?”
This is the fourth time that President Buhari have made changes in the price of petrol, previously increasing it from N87 to N145 per litre in 2016. In March 2020, the price of fuel dropped from N145 to N125, it was later increase again from N125 to N145 and in July was reduced to N140 and later increased to N143. But this month (September), the Nigeria Petroleum Products Pricing Regulatory Agency announced the new fuel pump price at N160 per litre.
Nigeria is considered to be one of the biggest oil producing countries in the world and was previously ranked the 7th oil producing nation in the world.