Mr Akin Akinfemiwa,the managing director of Forte oil says demand for fuel has by dropped 50% in the country after the increment in pump price from N86.5 to N145.
Akinfemiwa said the price increased at a time when there is no corresponding increase purchasing power of Nigerians.
He also said,after when the pump price increased,queues suddenly disappeared at filling stations across the country and the price also completely removed unnecessary arbitrage that existed in various states of the Federation,which are focus of supplies during the shortages.
Akin said the foreign exchange limitation faced by oil marketers was an issue but the Federal Government were finalising modalities on it.
''I need to comment the effort of Ibe Kachikwu,Minister of state for petroleum,for insuring that products supplied in Nigeria is at import parity without recourse to subsidy from the Federal Government.''
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