Former Vice-President Atiku Abubakar says the price of premium motor spirit (PMS), also known as petrol, should fall with deregulation.
The Petroleum Products Pricing Regulatory Agency (PPPRA) in June, removed the price cap on the retail cost of petrol, subjecting it to the market realities.
Atiku, who had campaigned for the removal of fuel subsidy in the 2019 presidential election, said he was demonised for suggesting it.
He had claimed that the price-fixing system was laced with corruption, and stalling investments.
On September 3, the Petroleum Products Marketing Company (PPMC) announced an increase in the ex-depot price of petrol from N138.62 to N151.56 per litre.
Checks showed that petrol price now ranges from N159 per litre to N162 per litre.
But in a tweet on Tuesday, Atiku said crude oil prices have reduced compared to what was obtainable in 2019.
He said fuel prices are lower in the US and Europe, asking why it is higher in Nigeria.
Describing himself as a business man, Atiku said there are questions that need to be answered regarding the increase in fuel price.
According to him, “if we truly deregulated, shouldn’t fuel price have dropped?”
“I am a businessman. I look at things from an economic perspective. Questions beg answers,” Atiku said.
“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?”
Atiku’s question generated a trail of reactions, with some disagreeing with his stance
Some of those who commented said given the devaluation of the naira and the scarcity of forex, an increase in fuel price is expected.