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N617/Ltr: "Don't Be Surprised If The Price/Litre Later Jumps To N2,000 Or N3,000" - Prince Adebayo
The presidential candidate of the Social Democratic Party (SDP) in the last presidential election, Prince Adewole Adebayo, was interviewed by the Africa Independent Television (AIT) today where he spoke about the new fuel pump price of the NNPC.
Prince Adewole Adebayo said, "one thing you need to know is that the economy is no respecter of anyone's politics. Economics has its own rules and these were discussed by me during the presidential debate. Don't be surprised if the pump price later jumps to two thousand naira (N2,000) or three thousand naira (N3,000) because it is simply not a government regulated product anymore." He added, "the petrol is now like every product in the economy which has its own costing."
Speaking further, Prince Adewole Adebayo said, "the regime I had recommended was one that would have given guarantee to Nigerians about all these things. Unfortunately, the right wing of Nigerian politics managed to convince people that the pump price should be determined by market forces. The right wing saw 'subsidy' as a dirty word."
Again, Prince Adewole Adebayo said, "these days, we will experience a free fall of pump price. As a matter of fact, there are three factors that are presently affecting the price."
Lastly, Prince Adewole Adebayo said, "the first is importation. The second is market forces which are regulated by foreign currencies that will keep dangling our pump price. The third is that the products used for petrol production are regulated by the US dollars. This implies also that if the rate of foreign exchange goes up within two weeks, the price of fuel will also go high."