The Honorable Minister of State for Petroleum Resources Timipre Sylva has emphasized that that the federal government is no longer fixing the pump price of petroleum products in the country.
The Minister said this while briefing Journalists on the increase in the pump price of Premium Motor Spirit (PMS), also known as petrol.
The Petroleum Product Marketing Company (PPMC) had announced a new Ex-depot price of N151.56 for petrol on Wednesday.
“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,” he said.
The Honorable Minister added that it was unfortunate that people were blaming the government, noting that the deregulation of the sector was imperative for the economy.
He further explained that there was an agreement among Stakeholders for such policy direction.
Timipre Sylva added that the well-being of Nigeria remains paramount to government.
“You all know that that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor.
“Left for him, he will never allow 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,” the minister said.
He further explained that government cannot fund subsidy, hence would not adopt that as an option, noting that current happenings were for the economic survival of the country.
The Minister explained that the Government had cut crude production from two million barrels to 1.412 million barrels per day.
He further lamented that it was unfortunate that the deregulation of the sector was politicised, urging Nigerians not to listen to any advocacy for subsidy payment.
“Deregulation will definitely come with few pains, but survival of the country is paramount,” he said.