By Olusegun Philips Alonge
The current increase in petrol price defies every logical economic and financial doctrine. Nigeria is the only place where there is scarcity of petroleum products and excessive price hike in the middle of global oversupply.
To put things in perspective, at N145 per liter petrol is more expensive in Nigeria than in the United States. The N145 per liter works out to about $2.93 per gallon in Nigeria versus $2.5 per gallon for a higher quality of petrol in the United States. When you factor in minimum wage, average pay rate, commodity prices, social support safety network, and quality of life comparison, petrol is twelve times more expensive in Nigeria!
The people voted for change to be relieved from adverse economic headwind not to be immersed in the whirlwind of poverty. As of today, every policy of change only tightens the noose of poverty and hardship around the masses neck. Policy after policy, it is obvious those who preached change has abandoned the cause of the poor and oppressed people they coerced into voting for them.
The petrol price hike is a double whammy for the patriotic and hard working masses. The masses now have to pay more for everything with their stagnant salaries. The unfortunate truth is that the thieves who looted and squandered the nation’s wealth are shielded from the present economic difficulties. As a matter of factly, some of the looters continue to serve in extolled political offices in the land.
The President needs to reconsider and stop towing the world bank economic lines. It leads nowhere but total impoverishment of the citizenry and the nation at large. The domino effect of petrol price hike in a nation that relies on generators for nearly 90% of its power supply needs includes hyper inflation and elevated crime rates.
To help the masses breath fresh air of economic relieve, immidiate reversal of petrol prices to affordable rates is inevitable. In the long run, allowing individuals to own and operate home grown refineries will increase supply, discourage importation of refined petroleum products, and lower prices.
As a nation we cannot continue with this level of hypocrisy, lies, enslavement, nonchalance, and total economic disenfranchisement. We must vote out imcompetence, cluelessness, cruelty, and economic hardship during the next election cycle.
▪▪▪Olusegun Philips Alonge