‘FG’s Policy on Fuel Pump Price Erroneous’

By Gboyega Akinsanmi

The Group Managing Director of CFL Group, Mr. Lai Omotola, on Sunday faulted the decision of the federal government that ended subsidy on premium motor spirit (PMS), thus forcing pump price from N86.50 to N145.

Omotola, also Publisher of Infrawatch Nigeria, equally criticised the judgment of the federal government, which threw open the importation of PMS to the organised private sector and the autonomous market.

He disapproved of the decision in a statement he issued, pointing out that the decision to remove fuel subsidy should not have been made only two weeks to the first anniversary of President Muhammadu Buhari.

In a three-page statement he personally signed, Omotola noted that the reason for the increase “has been hinged on scarcity of foreign exchange and as such the solution is for government to throw open the importation of PMS to the organized private sector and the autonomous market.”