FALLING OIL PRICES: FG should reduce pump price of fuel – Fashola. Governor Babatunde Fashola of Lagos state has asked the federal government to reduce the pump price of petrol from N97 per litre in the country in order to correspond with the drop in the global price of oil. Fashola stated this on Saturday while addressing youths at the Lagos State After School Graduation Development Centre, AGDC, IGNITE Employability Project 5, Ikeja. As at Friday, the price of oil was put at $66.27 per barrel by the Organisation of Petroleum exporting Countries, (OPEC). “Now, we should be enjoying cheap fuel if the price of oil has dropped globally. And even as we import the product, a major component has reduced in price. While this has reduced, the pump price of fuel in the country still remains the same. Something is wrong. “If the price increases in the country when the price of oil goes up globally, then it should also reduce when the price of oil drops. “I understand that I am not an economist; they (federal government) are the economist. But I have some logic and common sense to ask critical questions. For instance, if one buys flour at N10 per kilogram, and the bread is sold at N1 per loaf, if the price of flour drops, the price of the bread should also change”, Fashola said. today.ng/news/falling-oil-prices-fg-should-reduce-pump-price-of-fuel-fashola/
Posted on: Mon, 08 Dec 2014 08:16:19 +0000
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