Former Vice President Abubakar Atiku has again punctured the recent deregulation in petroleum that has led to an increase in fuel price, asking “If we truly deregulated, shouldn’t fuel price drop?”

Atiku, in rhetorics on his verified Twitter handle Tuesday morning, tweeted that as a businessman, he is more concern with the economic perspective of things.

He pointed out that in the US and Europe, fuel prices are far lower than they were in 2019.

Then he asked in a ponderously, “If we truly deregulated, shouldn’t fuel price have dropped?”

Atiku had, four days ago, rejected the increase in electricity tariff describing the move as “ill-timed and ill-advised.”

He also described the move as an “impetuous disregard for the challenges.

“I reject the increased electricity tariffs. Coming out of the lockdown, Nigerians need a stimulus, not an impetuous disregard for the challenges they face.

“Many Nigerians have not earned an income for months, due to no fault of theirs. This increase is ill-timed and ill-advised,” he said.

Nigerians have however been reacting to the development on the increment in petrol and electricity tariffs, stating their displeasure considering the economic status of the average Nigerian.

GamalNasser:
As long as Buharis incompetence keeps the naira unstable there is no way international price of crude will be the only parameters that affect the cost of petrol in Nigeria.......

Officialgarri:
Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media.
These people called Politicians are just as dumb as anyone.

Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145.
This is because Oil is always in high demand and the higher the demand the higher the price.

Law of Officialgarri states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices"
Hence, the introduction of subsidy.

Lifestone:

Do you read and understand what Atiku said?

GamalNasser:
As long as Buharis incompetence keeps the Naira unstable there is no way international price of crude will be the only parameters that affect the cost of petrol in Nigeria ... The recent increase came as a result of failing Naira and not international crude price ...as I predicted last that the Naira will slide by today and now it's has , automatically Buhari has to resume payment of secret subsidy for the next shipment of Petrol coming or he increases the pump price again ..

The only way out of this is either we get competent leader if we want to keep importing petrol or we we fix our refineries ..

LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.

Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.

Partial deregulation is nonsense.

Northern Politicians can't remove Equalisation Funds to avoid being beheaded.