He noted that the government is providing special foreign exchange concessions for product importers. According to him, the quasi-subsidy is the reason why the pump price of fuel remained between N617 and N700 despite the forex fluctuations before the recent scarcity of the product. 'Government exists to take care of the welfare of the people. 'When the Naira was floated, it was devalued for us and then the currency started moving south.
We propose that the government give fuel importers a special rate for product importation. What is happening today is that there is a special concession for fuel importers. Because that is fixed, you see the price of PMS where it is today. If we had allowed that float with the rate of Naira at the FX market, PMS would be selling for over N1200 per litre. Due to the intervention we made, they managed it from the backend. You can call it Quasi-deregulation', he said.
TUC President
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