Nigeria’s fuel price hike caused by discovery of COVID-19 vaccine, says FG
Author: Wale Akinola

- 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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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.”

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.
https://www.legit.ng/1384161-new-petrol-price-caused-by-covid-19-vaccine-discovery-buharis-minister-reveals.html

I'm convinced that there is no sensible person in Buhari's government

Nice development

ekesoft:
Nice development

Are you kidney me

NaijaMutant:



Are you kidney me

Increase in the sale value = more money for oil rich nations eg~ Nigeria ��

bros

Me too

NaijaMutant:
I'm convinced that there is no sensible person in Buhari's government

I mean how stupid can people get ? minister of petroleum resources cant offer petroleum related explanation, just goes straight to accuse Covid vaccine

ekesoft:



Increase in the sale value = more money for oil rich nations eg~ Nigeria ��

When you thought you've seen it all

I won't be surprised if this is Lai Mohammed

Asi ocha!

What kind of correlation between vaccine and PMS? . I just hope it is fake news

This man is mad...so na water I dey pour for inside gen abi...abi this man no remember say light no stable for Nigeria and people use petrol mostly to power the gen..

NaijaMutant:
I'm convinced that there is no sensible person in Buhari's government

GMBuhari:
Me too


I mean how stupid can people get ? minister of petroleum resources cant offer petroleum related explanation, just goes straight to accuse Covid vaccine

NaijaMutant:


When you thought you've seen it all

I won't be surprised if this is Lai Mohammed

edoairways:
What kind of correlation between vaccine and PMS? . I just hope it is fake news

Sylva's statement isnt really stupid; the person who probably should be blamed is the journalist who just reported a blank title with zero content.

Since the announcement of a promising vaccine for covid, some stock prices have been recovering, including the price of crude; that's the link.

For this regime na every month fuel they increase now, before buhari leave office fuel price go done enter 300#

Tissue of lies

Firstly, Nigeria does not refine crude so the one in the market is the one brought at previous price. So can the minister explain how an announcement made last week affected fuel price the same week or is he saying the fuel in Nigerian market was bought, shipped, docked, discharged and distributed to filling station in the past week alone? Wonderful!! I thought this people have sense o.

Secondly, with the so-called subsidy removal, Nigerian govt is now making money from crude more than any govt since 1999 and having a net gain at ANY price of crude since all the money now goes into govt coffers coupled with the administrative charges. Why then is this govt still looking for money upandan?

Na govt magic we dey see so

Do we have a govt?

May God punish this man for us please

Unbelievable

NaijaMutant:
I'm convinced that there is no sensible person in Buhari's government

Is Buhari sensible?

How will you expect his subjects to be?

obailala:



Sylva's statement isnt really stupid; the person who probably should be blamed is the journalist who just reported a blank title with zero content.

Since the announcement of a promising vaccine for covid, some stock prices have been recovering, including the price of crude; that's the link.

When the price of crude oil was as high as $100 per barrel the price of fuel was not up to #100 per litre.

Why am I even condescending to respond to you, seeing you're of the same zombified clique

NaijaMutant:


When the price of crude oil was as high as $100 per barrel the price of fuel was not up to #100 per litre.

Why am I even condescending to respond to you, seeing you're of the same zombified clique

Huh? Did you just say 'condescending' and then proceed to insult me simply because I explained the link between pump price, crude price and the covid vaccine?

You actually think you sound smart when you insult people? Remember, a zombie with a functional brain and basic intelligence is 1000 times better than a person who brags about being sensible but actually has brain power of a toddler...

When price of a barrel of crude was $100, Nigeria was subsidizing, that's why you bought fuel for less than N100. You claim to be intelligent but you're ignorant of this basic info and yet you think someone else is more worthy of the title 'ZOMBIE' than yourself?

All sort of mannerless nonsense we meet online!

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.

Yes, because the crude oil (from Nigeria) was the key component used in manufacturing the vaccine.

You see why we need a technocrat for this office and not just any idiot! How can he say kerosene is more important to the ordinary people than petrol?
How is the food eaten by these 'ordinary people' transported to the market where they buy?
How do these 'ordinary people' move around? I'm sure they don't trek everywhere
I can go on and on; petrol price is very important to the economy!

BTW, what's that thing he said about covid vaccine They sit down there and decide what's good or bad for the poor masses when they don't even care about them! Wicked people