The Peoples Democratic Party (PDP) says the increase in the price of petrol to N617 per liter is excessive, unacceptable and unjustified.

The PDP made its stand known in a statement by its National Publicity Secretary, Debo Ologunagba, on Wednesday in Abuja.

“Our party insists that the N617 per liter of fuel is excessive, unacceptable and cannot be justified under any guise. This is especially given the economic potentials and prospects within our country,” he said.

Ologunagba added that even with the removal of subsidy on petroleum products, the PDP maintained that fuel should not be sold for more than N150 per liter in Nigeria.

He said that with a deft, transparent and innovative management of resources, economic potentials, national comparative advantage and expanded value chain in refining capacity, the price should not be more than N150.

Ologunagba said that the rising cost of fuel has worsened the economic conditions of Nigerians, and charged the All Progressives Congress (APC) led administration to seek ways to stabilise and grow the economy.

The national publicity secretary also said that the PDP was alarmed over the fall in the value of naira.

He explained that the situation had forced businesses and production to shut down, make citizens lose their jobs and crippled commercial and social activities.

According to him, millions of families can no longer afford their daily needs as the cost of food, medication and other essential goods and services continue to skyrocket.

The PDP scribe said that this was not the country that Nigerians yearned and voted for.

He dismissed the argument of market forces and comparison of price of fuel in Nigeria with other countries, saying that the countries being mentioned have functional infrastructure, transportation system and energy.

The PDP national publicity secretary added that the currencies of such countries were very strong while their citizens earn far higher than what obtains in Nigeria.