The Peoples Democratic Party (PDP) has said that its presidential candidate, Alhaji Atiku Abubakar, has worked out a pricing template that will immediately crash the pump price of fuel in the country if elected President in 2019.
The main opposition party accused the President Muhammadu Buhari-led All Progressives Congress (APC) administration of insensitivity by failing to do the needful in the last three years.
In a statement on Thursday by its spokesman, Kola Ologbondiyan, the PDP raised objections to the reported increase in the official pump prices of diesel and kerosene.
According to the PDP, such increase will bring more economic pressure on an already impoverished nation, stressing that most businesses and homes across the country heavily depend on these products for sustenance.
The party said it has been in high level talks with top international players in the oil and gas industry.
The PDP said results of its engagements have shown that the appropriate pump price of fuel in the Nigerian market, under the current subsidy regime of the Buhari Presidency, should be within the borders of N87 to N90 per liter as against the N145 currently being charged.
The party said with the current price template of crude oil in the international market, the Buhari administration has no justification to keep the pump price of fuel at N145 per liter.
It blamed President Buhari for watching Nigerians groan under the weight of high fuel prices, while a cabal at the presidency loot the funds meant to subsidise the product.
The statement said, “The PDP notes that for every N145 paid for a liter of fuel, the Presidency cabal diverts a hidden N58, which Nigerians have continued to pay since the fuel price was increased from N87 to presumably subsidized cost of N145.
“Apart from failing to account for the over N1.4 trillion allegedly siphoned through sleazy oil subsidy deals, the Buhari-led Federal Government is burdened to account for the over N3.49 trillion stolen under the hidden N58 per liter of fuel on over 50 million daily domestic consumption estimated in the last three years.
“The PDP notes that had the Buhari administration heed wise counsel to be transparent in its dealings in governance and to engage more experienced hands on petroleum issues, the nation would not have been in the dire straits we face today.
“The party however urges Nigerians not to despair as its Presidential candidate, Atiku Abubakar, has already worked out a blueprint that will end sleazes, ensure appropriate pricing template and free resources to guarantee availability of product on a national pricing regime”.