A chieftain of the Accord Party, Gbenga Olawepo-Hashim, has said petrol should sell for about N605 per litre in Nigeria if the cost of locally produced crude oil and other expenses are properly calculated.
Olawepo-Hashim made the statement during an interview on Channels Television’s Politics Today on Friday.
He criticised the Bola Tinubu administration’s justification for the high cost of petrol, describing the policy that led to the removal of fuel subsidy as “insanity.”
According to the politician, the fuel subsidy debate has largely been driven by the government’s accounting methods and crude oil pricing system.
Olawepo-Hashim argued that Nigeria, as an oil-producing country, should not leave both domestic and international oil prices entirely to market forces.
“Petrol could sell for about N605 per litre if the cost of locally produced crude oil and other associated expenses were properly calculated,” he said.
