Oyo State Governor, Seyi Makinde. Photo: Oyo State Government.
The African People’s Movement presidential candidate and Oyo State Governor, Seyi Makinde, has said Nigeria’s debate over petrol subsidy is focused on the wrong question, arguing that the country needs to review its petroleum pricing framework.
Makinde made the position known in the September edition of his newsletter uploaded on Friday, The Business of Governance, where he said Nigerians should be able to understand the factors determining the price of petrol.
“We are asking the wrong question. The more important question is: what is the right pricing framework for an oil-producing country like Nigeria?” he said.
He said the pricing framework should clearly disclose the crude oil price benchmark, refining costs and margins, exchange-rate assumptions, logistics and distribution costs, taxes and levies, as well as other variables used to determine pump prices.
