Fiery preacher, Pastor Tunde Bakare seems to have thrown his weight behind the recent hike in petrol price.

He said the situation of the price of commodity calls for a review in line with the crude oil price.

Bakare said, it should be obvious that the system of subsidised consumption that eats up 18% of government revenue is unsustainable. 

“It is through this lens that fuel subsidy removal must be examined. 

“Nigeria is not alone in this abysmal economic situation occasioned by the falling price of oil. 

“Other oil producing countries, including members of the Organization of Petroleum Exporting Countries (OPEC) and non-members of OPEC, are faced with the same situation and are taking drastic steps to manage the situation,” he explained.

Pastor bakare said the current administration appears to be more sincere in its approach to the down stream sector.

“In this regard, the government must communicate clearly and transparently to Nigerians on the current petrol price policy as to whether or not the latest move is merely a hike in price or an actual deregulation. 

“Even if it is the first step in the process of deregulation, Nigerians would want to know what happens if market conditions, in particular, foreign exchange realities, mandate a further increase in pump price,” he counselled.