The Action Congress of Nigeria (ACN) has asked the federal government to either debunk, with facts and figures, a published informed analysis of the true prices of locally refined and imported fuel or apologize to Nigerians for cheating and deceiving them over the years.
In a statement issued in Lagos yesterday by its National Publicity Secretary, Alhaji Lai Mohammed, the party also said the National Assembly, as the true representatives of the people, must summon the author of the analysis to a public hearing, as part of efforts to reveal the truth about the so-called fuel subsidy.
It said the analysis, by an obviously well-informed industry insider/analyst, showed that the true price of a litre of fuel refined in Nigeria is N33.36, while the true price of imported refined fuel from the government’s swap deal involving 275,000 barrels per day with Commodity Traders is N34.45/litre.
According to the report, that means the average true price of a litre of fuel is N34.03, compared to the current price of N65 per litre which the government claims it is subsidizing at N73/litre, and the proposed new price of about N140/litre when the subsidy is removed.
‘’This has confirmed what our party and many well-informed groups and individuals have always said, that there is no fuel subsidy, and that what the government has been claiming to be subsidizing is corruption and inefficiency.