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.
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”.
READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%
READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each
READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds
READ ALSO! Is N-Power Truly Empowering Nigerian Youths?
READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu
READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?
READ ALSO! Is N-Power Truly Empowering Nigerian Youths?
READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!
READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu
READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!