BREAKING!! President Buhari Tell Nigerians To Endure More Suffering As Govt Moves To Raise Price of Petrol
Chief Timipre Sylva, Minister of State, Petroleum Resources, admonished Nigerians to be prepared to endure the pains of increased petrol pump pain.
The price of crude oil is rising above $60 a barrel.
Speaking at the official launch on Tuesday of the Nigerian Upstream Cost Optimization Scheme, Sylva said there was no subsidy provision in 2021.
The cost of under-recovery cannot continue to be borne by the Nigerian National Petroleum Corporation, NNPC, budget.
The pump price for petrol currently ranges from N160-N165, the price set four months ago when crude traded just above $43 per barrel.
According to the Minister, while government revenue has increased due to the increase in the price of crude oil, the payment of subsidies cannot be bothered.
He said: “Since we optimize everything, NNPC also needs to think about product cost optimization because, as we all know, oil prices are oil prices.”
Where they are now, 60 dollars.
As desirable as this is, this has extreme implications as well as significant consequences.