Nigeria Fuel Price Policy Dubbed 'Insanity' by Presidential Aspirant

Nigeria's President Bola Tinubu has come under fire from presidential aspirant Gbenga Olawepo-Hashim, who called his fuel pricing policy 'insanity' on Channels TV.

Olawepo-Hashim argued that if the cost of locally produced crude oil and other associated expenses were properly calculated, petrol could sell for about N605 per litre in Nigeria.

The Accord Party chieftain claimed that data from the Nigerian National Petroleum Company Limited (NNPCL) shows that producing a barrel of crude oil costs around $30, with an additional $15 margin, $5 for refining, and $7 for transportation and insurance bringing the total cost to approximately $57 per barrel.

Olawepo-Hashim proposed N605 per litre as a possible pump price, suggesting that an additional N100 energy tax could be included to fund alternative energy development.