FG didn’t promise to keep petrol price low – Minister

The Minister of State for Petroleum Resources, Timipre Sylva, has said the Federal Government did not at any time promise to keep the pump price of Premium Motor Spirit permanently low.

Sylva also said the government had concluded that it could no longer bear the burden of petrol subsidy.

According to him, deregulation means that the government will no longer continue to be the main supplier of petroleum products but will encourage the private sector to take over the role of supplying the products. The minister said, “Petroleum products are refined from crude oil. Therefore, the price of crude for the refining process will affect the price of the refined product.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MobilePunch /  🏆 8. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

774,000 jobs: FG bows, apologises to NASSThe federal government has apologized to the National Assembly over the altercation on the planned recruitment of 774,000 persons for Special Public Works Programme. The initiative was billed to st…
Read more »

Treat Magu Fairly, SERAP Tells FG - THISDAYLIVEBy Udora Orizu Socio-Economic Rights and Accountability Project (SERAP), has advised the Presidential panel quizzing the acting Chairman of the Economic and Financial Crimes Commission, (EFCC) Ibrahim Magu, to treat him fairly. Magu was on Monday grilled by a presidential panel set up over alleged infractions in the EFCC. A member of the Presidential Advisory …
Read more »

No one should tell me how to spend N78bn refund from FG - WikeWe are a quality, national, newspaper with credible and dependable information.
Read more »

Senate urges FG to name Ibadan Airport after AjimobiWe are a quality, national, newspaper with credible and dependable information.
Read more »

Coronavirus: FG explains delay in reopening schoolsWe are a quality, national, newspaper with credible and dependable information.
Read more »

Prosecute Magu or release him immediately - SERAP tells FGWe are a quality, national, newspaper with credible and dependable information.
Read more »