Prof. Wumi Iledare, Professor of Petroleum Economics, says comparing the prices of Premium Motor Spirit (PMS), also known as petrol, with other countries will help to educate Nigerians on deregulation of the sector.

Iledare made this known in an interview with the News Agency of Nigeria( NAN) while reacting to President Muhammadu Buhari’s Independence day speech in Abuja on Thursday.
Buhari in his speech explained why petroleum prices in the country needed to be adjusted for economic development.

Buhari said: “Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.

” In this regard, sustaining the level of petroleum prices is no longer possible.
” In the circumstances, a responsible government must face realities and take tough decisions.
” Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point, Chad which is an oil-producing country charges N362 per litre Niger, also sells 1 litre at N346.

” In Ghana, another oil-producing country, the petroleum pump price is N326 per litre. Egypt charges N211 per litre. Saudi Arabia charges N168 per litre.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia, Buhari says.
Iledare said that the president had stated the obvious, adding that people should not bring up sentiment about it.
“I disagree with any sentiment. We cannot pick and chose even as we adopt global best practice keeping local context in view.

“Don’t we live American life in Nigeria and invoke such expectations in our demands, yet the governance structure to meet the living standard demanded are frustrated.
“Let us for example look at the price of PMS of the same grade in ECOWAS. Nigeria is the cheapest and the second cheapest is 100 Naira equivalent more than Nigeria.”
He said that experts in 2015 advised the government on deregulation of the downstream sector but it did not heed to it, noting that it was better now than never.

“Oil is a global commodity that connects and affects the global economy and we must ensure global best practices in Nigeria.”

https://www.vanguardngr.com/2020/10/independence-buharis-comparism-of-petrol-prices-will-educate-nigerians-expert/amp/

Ok.

I'm beginning to like Buhari
Every soul shall taste [/s]death[s] change

Who dash this one Professor?
Mumu, mumulity

bunkum

This Prof will begin to make sense when Nigeria’s minimum wage compares to that of Saudi Arabia et al.

This is a common phenomenon with persons who support PMB. They always end up sounding r£7arded when defending the indefensible, regardless of their level of education...

What pmb's supporters are shying away from is the fact that PMB & all those who protested against deregulation of the petroleum downstream sector in 2012 are either shameless liars or lack the intellectual capacity for productive governance...

Either way, it shows that PMB & APC in general had no plans for nigeria in the first place & are simply rehashing the same policies of PDP which they condemned in the past...

Woe unto PMB and his ass lickers supporters

Comparing PMS prices is simply not enough but those same economies should be compared to Nigeria as regard to minimum wage, education, social amenities. The govt simply lacks character

You compare a country whom puts less dependence on fuel for its citizens, against one where every single commodity has a fuel impact, while you expect they should be same without their concerns for inflation since it affects all commodities and way of life in Nigeria?..

I'm beginning to like Buhari Every spirit shall taste [/s]death[s] new

This expert is a clown

Buhari that never believed there was subsidy

How do you subsidize and still fix fuel price?

How much is Saudi Arabia minimum wage and how much is Nigeria minimum wage? Iberibe ajoka