Former Vice-President Atiku Abubakar says the petrol price should fall with deregulation.
In June, Petroleum Products Pricing Regulatory Agency 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.
The Peoples Democratic Party presidential candidate had claimed that the price-fixing system was fraught with corruption and stalling investments.
“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?”
On September 3, the Petroleum Products Marketing Company announced an increase in the ex-depot price of petrol from N138.62 to N151.56 per litre.
Petrol price now ranges between N159 per litre and N162 per litre.
Atiku, in a tweet on Tuesday, said crude oil prices have reduced compared to what was obtainable in 2019.
He wondered why petrol prices should be higher in Nigeria when same are lower in the US and Europe.
The politician, who also described himself as a business man, said certain questions still needed to be answered regarding the increase in fuel price.
Atiku said, “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.
“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?”
The former vice president’s question generated reactions, with some Nigerians disagreeing with his stance.
Some of the commentators argued that given the devaluation of the naira and the scarcity of forex, an increase in fuel price should be expected.