A former governorship aspirant in Kwara State, Engineer Sunday Adebayo Babalola, has said that the federal government should stop fixing pump price of fuel otherwise known as Premium Motor Spirit (PMS). He said that market forces should determine the appropriate price for petrol consumption whenever the commodity is deregulated in line with the best practices. The former governorship aspirant said that the real deregulation of the downstream of oil sector would bring about competition as obtainable in the telecommunication sector. “Considering the economic reality of the moment, one will probably want to say it (hike in fuel price) is not justified. “For example, when the telephone companies came into the country, we were making calls at N50 per minute.

Source: Nigerian Tribune November 22, 2020 14:37 UTC