“Be Ready To Bear Pains Of Higher Petrol Prices” Federal Government Warn Nigerians

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The federal government has forewarned Nigerians to get ready to bear the pains of increased petrol pump prices as crude oil prices climb above $60 per barrel.

Timipre Sylva, minister of state for petroleum resources, said this yesterday at an official launch of the Nigerian upstream cost optimization program.

NNPC

According to a report on Monday, analysts and market watchers are anticipating an increase in the retail price of petrol in fuel stations across Nigeria as the process of crude oil on the global market crossed $60 per barrel.

Sylva said with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) cannot continue to bear the cost of under-recovery.

“Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today at $60,” Sylva said.

“As desirable as this is, this has serious consequences as well on product prices. So we want to take the pleasure and we should as a country be ready to take the pain”.



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