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A chieftain of the Accord Party, Gbenga Olawepo-Hashim, has argued that the appropriate pump price of petrol in Nigeria should be N605 per litre.

Olawepo-Hashim made the assertion during an interview on Channels Television’s Politics Today on Friday.

The politician also described the policy responsible for the removal of fuel subsidy as ‘insanity’.

He criticised the administration of President Bola Tinubu over its continued justification of the high cost of petrol in the country.

According to him, much of the controversy surrounding fuel subsidy was linked to the government’s approach to accounting and the system used in determining crude oil prices.

“It is insanity and idiocy for anybody, especially for the president of an oil-producing country, to say that both domestic and international oil prices you leave to market forces. What President Tinubu did was insanity.

“Petrol could sell for about N605 per litre if the cost of locally produced crude oil and other associated expenses were properly calculated,” Olawepo-Hashim said.

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