Sylva: FG Never Promised Permanent Low Petrol Prices
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday took a swipe at persons and organisations mounting opposition against the recent hike in the prices of petrol, describing the reactions to the increase as misguided.
Describing the resistance to the new pump prices of N43.80 as that of ‘unscrupulous middlemen,’ who would want the status quo to remain, the minister maintained that the current deregulation of the downstream sector would free up trillions of naira to invest in infrastructure. Sylva added: “In view of recent misguided comments and innuendos, it has become expedient for the ministry of petroleum to explain misconceptions around the issue of petroleum products deregulation.
“This means also that market forces will henceforth determine the prices at the pump. In line with global best practices, government will continue to play its traditional role of regulation; to ensure that this strategic commodity is not priced arbitrarily by private sector suppliers.
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