Iledare disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja, on Thursday.
NAN reports that the Petroleum Products Marketing Company (PPMC) had on Sept. 2 announced a new Ex- depot price of N151.56 for petrol.
Ex- depot price is the price marketers buy products from depot owners.
An increase or reduction in ex-depot price determine the pump price of petrol.
He said that going by the prevailing market fundamentals, the cost of petrol could be as high as N200 per litre in the country.
“The reality on the ground is not pretty at all with respect to what the price ought to be.
“ At the current official exchange rate of one dollar to 385, 200 is about right price because of the level of demand driven by population and quality of life.
“Keep in mind that any attempt to invoke subsidising petroleum has unintended consequences,” he said.
Iledare, a professor of Petroleum Economics said that it was unfortunate that the country missed the opportunities when there was lower crude oil price.
“We suggested not to set the price then, but fear of unrest predominate government action then.
“The economy is highly dependent on oil revenue. Salaries are low and not paid.
“It is a double whammy for petrol to go up. But no budget to subsidise, ” he said.
He advised that Nigerians must adjust and government on its part should pump more money to the economy and invoke patriotism
“Nigeria’s exchange rates call for at least N200 per litre in Nigeria.
“In Ghana, a litre is about N325 -N350 per litre of petrol. Like Nigeria PMS consumed are imported, lessons can be learnt from Ghana.
“If Ghana is surviving, we need to learn from them, ” he added.
Meanwhile, a check by NAN in some petrol stations in the Federal Capital Territory (FCT) revealed that the pump price was between N158 and N162 per litre.
Apart from Total filling station in Tipper Garage, along Kubwa Expressway selling at the old price of N148.8, others had already adjusted their pumps to the new price.
Oando filling station, Gergu oil and Eterna station along the expressway were selling at N160, N159, and N158.1 per litre respectively.
Also, the Nigerian National Petroleum Corporation (NNPC) retail outlet along the same axis was selling at N160 per litre.
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Abuja, Sept.3, 2020 (Nigeria news 24) Prof. Wumi Iledare, former president, Nigerian Association for Energy Economics (NAEE) says the new price of Premium Motor Spirit (PMS) also known as petrol is in line with development in the global oil market.
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The Allied Peoples Movement (APM) in Osun State has raised concerns over the alleged recruitment of members of the Peoples Democratic Party (PDP) into the state’s Amotekun Corps, claiming it threatens the safety of opposition members.
In a statement issued on Friday, APM Chairman, Mr. Adewale Adebayo, criticized the recruitment process, alleging that non-PDP applicants were deliberately screened out. He warned that Amotekun, originally created to enhance security, was being turned into a political tool.
“We are disturbed by the protest by well-meaning Osun residents who applied but were deliberately excluded because they are not PDP members,” Adebayo stated.
He further alleged that over 1,000 PDP members had been recruited into the corps, describing it as an attempt to silence opposition voices. According to him, the recruitment exercise was merely a formality to cover up a pre-arranged selection process favoring ruling party members.
APM has called for the resignation of the Corps Commandant and Field Commandant of Amotekun, demanding an apology to the affected applicants and the people of the state. The party insisted that the security outfit must remain apolitical to maintain public trust.
Neither the Osun State Government nor the leadership of Amotekun has responded to the allegations as of the time of this report.
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