New petrol price caused by COVID-19 vaccine discovery, Buhari's minister reveals

New petrol price caused by COVID-19 vaccine discovery, Buhari's minister reveals

- Timipre Sylva, the minister of petroleum resources, has revealed the cause of increment in the petroleum price

- The minister attributed the increase in the fuel price to the discovery of COVID-19 vaccine

- Sylva made the disclosure in Aso Rock on Monday, November 16

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Amid the criticisms over the increase in the petroleum price by the federal government, the minister of state for petroleum resources, Timipre Sylva, has reacted.

The Nation reports that Sylva said that the recent upwards increase in petrol pump price from N158 to N168, was attributed to the announcement of the possibility of having a vaccine for the novel coronavirus pandemic.

Legit.ng gathered that he disclosed this while addressing State House correspondents on Monday, November 16, after briefing President Muhammadu Buhari in his office at the Aso Rock in Abuja.

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New petrol price caused by COVID-19 vaccine discovery, Buhari's minister reveals

The minister of state for petroleum resources, Timipre Sylva, addressing stakeholders in Abuja. Twitter: @TimiSylva
Source: Twitter

The minister also assured that Nigerians would get used to the deregulation of the pump price petrol just as they have become the case of kerosene and diesel.

Sylva noted that diesel and kerosene are even more important to ordinary citizens than petrol, which he said is mostly used by the elite.

He explained that trucks that move food produce from one part of the country to another use diesel while kerosene also used by most of the Nigerian masses have since been deregulated.

He said:

“Look at it, a situation where diesel has been deregulated long ago, a situation where kerosene has been deregulated long ago, and these are what the poorest people in Nigeria interact with more. Why do I say that?
“If you want to transport food from the north to the south, it will be by trucks that are run by diesel, not with petrol. Those trucks that transport food from the north to the south are usually run by diesel.
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“If we have deregulated what they were using, then there is actually no reason why we should continue to subsidize petrol. I feel so. That’s my personal feeling.”

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Meanwhile, Legit.ng had previously reported that the Petroleum Products Marketing Company (PPMC) adjusted the ex-depot price of fuel from N147.67 to N155.17.

It was reported that the PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), made the disclosure in a memo dated November 11.

The ex-depot price is the price at which the product is sold to marketers at the depots.

According to its price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

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Source: Legit

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