A human rights organisation in Nigeria – Committee for Democracy and Rights of the People (CDRP) has questioned the economic rationale behind the federal government reduction of the price of Premium Motor Spirit (PMS) from N97 to N87.
In a statement, the group said the decision was not in the interest of the Nigerian masses and therefore “parochial and politically motivated” .
Acting National Coordinator of the group, Comrade Saka Waheed slammed the #87 price as arbitrarily arrived at, in the face of declining global oil prices.
“The natural economic expectation of our organization is that the price of petroleum would drop in conformity with the current global fall in the price of the commodity. Therefore, it is strange and parochial to hear that the federal government is celebrating a paltry N10 reduction.
“A careful review of government action thus far has clearly shown that the federal government has not learnt from the aftermath of January 1st 2012 subsidy protest. They are about to impose a reverse subsidy on the populace. In case the government does not know, the main message of the 2012 protest was that there is a limit upon which government can take people for granted” Comrade Saka stated.
The group therefore emphasized that the government has no basis to keep the retail price of PMS at N87.
“The price of PMS must revert to N65 with immediate effect”, the group said.
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