The federal government has said the pump price of petroleum products are now determined by market forces.
Minister of State for Petroleum Resources disclosed this while noting that the federal government no longer fix the price of petroleum products.
He said this while briefing journalists on Thursday.
The Petroleum Products Marketing Company (PPMC) had on Wednesday announced a new ex-depot price of N151.56 for petrol.
Already, oil marketers in the South-West have fixed N162 per litre for the product also known as Premium Motor Spirit (PMS).
Sylva clarified government is no longer in the business of fixing prices.
“We have stepped back. Our focus now is on protecting the interest of the consumers and making sure that marketers are not profiteering,” NAN quoted him as saying.
Noting that people were blaming government, he stressed that the deregulation of the sector was imperative.
He assured that the welfare of the people remains paramount to current administration.
“You all know that that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor. Left for him, he will never allow increase in pump price. For this to happen, it means that it is an inevitable decision.”
The minister said COVID-19 took the price of crude oil to zero zone.
He stated that government cannot fund subsidy, adding that polices being implemented were geared towards strengthening the economy.
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