Dr Olisa Agbakoba (SAN), a former President of the Nigeria Bar Association (NBA), has expressed his views on how the price of petroleum Motor Spirit, otherwise known as fuel can be halved from its current level.
Agbakoba who spoke on Saturday elaborated that reducing the fuel price is feasible by having the Nigerian National Petroleum Corporation (NNPC) supply crude oil to local modular refineries at a lower naira price, which would result in a significant reduction in the price of fuel.
It would be recalled that since the removal of the fuel subsidy by President Bola Tinubu on May 29, 2023, petrol is currently sold at N600 per litre.
Speaking in an interview with Vanguard, Agbakoba emphasized that the Federal Government should establish a national crude oil scheme dedicated to local consumption as a means to address the issue of fuel prices.
He argued that the cost of fuel will remain elevated if the NNPC persists in selling it at the international market rate.
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.”
