Nigerians now paying more for diesel and petrol

The National Association of Nigerian Traders (NANTS) has called on the Federal Government to reduce the pump price of petroleum products in line with the falling crude prices in the international market.

Nigerians, are now paying N17 more than what they should be paying at the moment.

NANTS President, Mr Ken Ukoha, made the call for reduction in the petrol price in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

Ukoha, who said there was no justification for the country to be selling fuel at the pump price of N97, noted that “this is contrary to what is obtainable in other countries that are importing refined products.

The president, who expressed concern about the situation, said government had earlier made a pronouncement that the pump price of fuel locally would be determined by the international market forces.

He said Nigerians were worried because in spite of the downturn in prices of crude in the international market, the pump price of fuel in Nigeria was still on the high side.

According to him, the downturns in the price of crude in the international market immediately translate to reduction in the pump price of petroleum products in other countries.

“The prices of petroleum products across several countries around the globe have been reviewed downward by marketers, even in country like the United Kingdom where the prices have been deregulated.

“In our country, we are not allowed to enjoy that benefit. This is wrong. The benefits of the falling in prices of crude must be translated to Nigerians.

“Therefore, we want a situation in which the pump price of petrol and other petroleum products be adjusted downwards,” he said.