- There is a possibility of a hike in the pump price of petrol nationwide as hinted by the Nigerian government
- Junior minister for petroleum, Timipre Sylva, gave the hints, saying the price of other refined product will also rise
- Sylva attributed the possible hike in the pump price of petrol to the crude oil price hitting almost $60/barrel at the global market
The federal government has hinted over a possible rise in the price of premium motor spirit better known as petrol and other refined products.
Speaking at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) on Tuesday, February 9, Timipre Sylva, minister of state for petroleum, gave this hint.
Sylva said the imminent rise in the price of petrol and other products is because the price of crude oil at the global market has skyrocketed to $60/barrel.
According to the minister, the increase would reflect market realities. He, however, urged Nigerians to stay calm because the federal government will do everything to protect them against the predatory practices of oil marketers, Daily Sun reports.
The minister said:
“The higher the price of the crude oil at the international market, the higher the price of refined products like petrol, diesel and the rest."
Legit.ng recalls that over the last couple of months, the prices of petrol have risen in what has always been generating concern for the labour bodies who threatened to go on strike.
In June 2020, the price of petrol increased from N121.50 to N123.50 per litre. Then to N140.80 and N143.80 in July 2020.
In August 2020, it also increased from N148 to N150, while in September 2020 the pump price also soared from N158 to N162 before the current price later moved to N163 and then N170 per litre in November.
Meanwhile, Legit.ng reported that the federal government on Tuesday, January 5, announced an increase in the electricity tariff payable by power consumers in the country.
The new electricity plan was announced by the Nigerian Electricity Regulatory Commission (NERC). The agency in a directive issued on December 31, 2020, stated that the new tariff will take effect from January 1, 2021.
NERC also maintained that the new tariff outmodes the Order NERC/2028/2020, according to a revised Multi-Year Tariff Order (MYTO) signed by the new chairman of NERC, Engr. Sanusi Garba.