HOW PFIZER COVID-19 VACCINE FIND AFFECTED PETROL PRICE —FG

Written by on November 17, 2020

THE FEDERAL GOVERNMENT HAS LINKED THE RECENT INCREASE IN THE COST OF PETROL TO THE ANNOUNCEMENT OF THE DEVELOPMENT OF A COVID-19 VACCINE BY PFIZER.

MINISTER OF STATE FOR PETROLEUM RESOURCES, TIMIPRE SYLVA, DISCLOSED THIS WHILE FIELDING QUESTIONS FROM STATE HOUSE CORRESPONDENTS AFTER HIS ROUTINE MEETING WITH PRESIDENT MUHAMMADU BUHARI.

HE SAID THE ANNOUNCEMENT IMPACTED ON THE PRICE OF CRUDE OIL, NOTING THAT SINCE GOVERNMENT HAD DECIDED TO ALLOW THE PETROL PRICE TO FLOAT, A RISE IN THE CRUDE OIL PRICE WOULD NATURALLY BE REFLECTED IN THE PRICE OF PETROL.

SYLVA, HOWEVER, ASSURED NIGERIANS THAT WOULD GET USED TO THE DEREGULATION OF THE PUMP PRICE OF PETROL JUST AS THEY HAD BECOME IN THE CASE OF KEROSENE AND DIESEL.

HE SAID DIESEL AND KEROSENE WERE EVEN MORE IMPORTANT TO THE ORDINARY CITIZENS THAN PETROL, WHICH HE SAID WAS MOSTLY USED BY THE ELITE.

THE MINISTER REITERATED THAT NIGERIA WAS NO LONGER IN THE POSITION TO SUBSIDISE THE COST OF PETROL, IN VIEW OF FALLING CRUDE OIL PRODUCTION AND LACK OF OPTIMAL SALE.


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