Fuel Price Increase Beyond Buhari’s Control – Minister Of State For Petroleum Resources, Timipre Sylva
Minister of state for petroleum resources, Timipre Sylva has said that fuel price increase is beyond the control of President Muhammadu Buhari, who also function as the minister of petroleum resources.
On Wednesday, the Petroleum Products Marketing Company (PPMC) had announced N151.56 as the ex-depot price.
Read Also: Breaking: Petrol Pump Price Increases From N143.80 To N151.56 Per Litre
The ex-depot price is the price at which petroleum products are sold to marketers at depots. Marketers are expected to then add their profit margin to the ex-depot price and determine the retail price.
Following the increment from N138.62 to N151.56, petrol marketers raised the price of petrol from N148 to between N158 and N162 per litre.
Following criticism from Nigerians over the increment, Sylva speaking to newsmen in Abuja on Thursday September 3, said the Federal Government is not in charge of fixing the prices of petroleum products in the country.
The minister said it is unfortunate that citizens are blaming the government for the increase, adding that the focus of the authorities is to protect the interest of citizens.
Sylva stated;
Government is no longer in the business of fixing prices for petroleum products, we have stepped back. Our focus now is on protecting the interest of the consumers and making sure that marketers are not profiteering.
Left for him, he will never allow the increase in pump price; for this to happen, it means that it is an inevitable decision. COVID-19 took the price of crude oil to zero zone.
Lamenting on the deceased crude production from two million barrels to 1.412 million barrels per day, Sylva alleged that the deregulation of the sector was politicized.
He said;
Deregulation will definitely come with few pains, but survival of the country is paramount.
