Flashback: APC Once Argued Petrol Should Never Exceed ₦70 Per Litre, As Nigerians Now Pay over ₦950 Amid Scarcity

Nigerians are currently facing a severe fuel crisis, with the price of petrol skyrocketing to an unprecedented ₦855 per liter at Nigeria National Petroleum Company Limited (NNPCL) filling stations, particularly in Lagos. This sharp increase has not only exacerbated the ongoing scarcity of the commodity but has also left citizens grappling with the rising cost of living.

The situation has sparked widespread outrage, with many Nigerians taking to social media to express their frustration and concern over the government’s handling of the situation. Nollywood actress and activist Kate Henshaw recently shared a video on her platform, revealing that her driver was shocked to discover the new price hike while attempting to purchase fuel. She highlighted the sudden increase by over ₦200 per liter as particularly alarming.

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This crisis comes in stark contrast to the stance of the All Progressives Congress (APC) nearly a decade ago. In January 2015, the APC, now the ruling party, vehemently criticized the then-government under President Goodluck Jonathan for setting petrol prices at ₦87 per liter. The APC argued that the price of petrol should not exceed ₦70 per liter, accusing the government of exploiting Nigerians by forcing them to subsidize corruption in the oil sector.

In a statement released by Lai Mohammed in 2015, the APC described the reduction of the petrol price from ₦97 to ₦87 as mere “tokenism,” especially given the significant drop in global crude oil prices at the time. The party contended that even at ₦87 per liter, Nigerians were overpaying for petrol, subsidizing inefficiencies and corruption in the oil industry.

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Fast forward to 2024, and the reality of petrol prices exceeding ₦800 per liter is causing widespread distress. Many citizens are questioning the government’s handling of the oil sector and its impact on the economy, particularly in light of the APC’s previous stance on fuel pricing.

The APC’s 2015 statement had argued that when crude oil was selling at $100 per barrel, the landing cost of Premium Motor Spirit (PMS) without subsidy was ₦125 per liter. They pointed out that with oil prices crashing to around $44 per barrel, the landing cost without subsidy should be about ₦65 per liter. The party had also criticized the Nigerian government for failing to reduce fuel prices in line with global trends, noting that other countries, such as Zambia and Tanzania, had significantly slashed their petrol prices.

Now, nearly a decade later, the irony is not lost on Nigerians, as they grapple with petrol prices that have surged far beyond what was once considered exorbitant. With fuel selling for over ₦1000 per liter in some states, the ongoing scarcity and escalating prices have become a source of immense hardship, raising serious questions about the effectiveness of the current administration’s policies and its commitment to alleviating the suffering of the populace.