The Petroleum and Natural Gas Senior Staff Association of Nigeria has described the reduction of the price of premium motor spirit by N2 as ridiculous.
PENGASSAN Chairman, Port Harcourt Zone, Mr. Azubuike M. Azubuike, said it was shocking that some people were jubilating over a reduction in the price of petrol by a meagre N2.
Azubuike, who made this remark during a telephone interview with The PUNCH on Wednesday, argued that rather than make such insignificant reduction, government should pass the Petroleum Industry Bill to law.
He reasoned that with the passage of the PIB into law, there would be a lot of investment in the oil and gas industry.
Azubuike said, “If there is any word like ridiculous, yes, the reduction of the price of petrol by N2 is ridiculous. How much is crude oil in the international market? Why is it that people are jubilating over the removal of N2 from the pump price of petrol?
“There are a lot of things that government can do that will make people to be happy. For an instance, there is no investment in oil and gas due to the non-passage of PIB into law. If government should pass the PIB into law, there would a lot of investments in the oil and gas industry and people can get jobs directly and indirectly.
“That is what we want government to do. Nothing can be more ridiculous than removing N2 from the price of petrol and people are jubilating. It is not worth it and how many filling stations are selling at that new price? Reduction by N2 is insignificant and has no economic importance as far as I am concerned.”