FG Links Recent Petrol Price Hike To Pfizer’s COVID-19 Breakthrough
The Minister of State for Petroleum Resources, Timipre Sylva, has attributed the recent increase in
the pump price of Premium Motor Spirit (PMS), also known as petrol to the announcement by an American
pharmaceutical company, Pfizer, on its recent breakthrough in the fight against the coronavirus (COVID-19)
pandemic. Last Friday, the petrol pump price was increased to N170 per litre.
Speaking with State House correspondents in Abuja on Monday, November 16, Sylva said the announcement
of a COVID-19 vaccine by Pfizer triggered a slight increase in the price of crude oil in the global market.
“What happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer. With that,
crude oil prices went up a little bit.
If you have been following crude oil prices, you would have seen that crude oil prices went up a little bit as a
result of this announcement. So, when crude oil prices go up a little bit, then you will see that (it will) instantly
reflect on the price of petrol, which is a derivative of crude oil.” Sylva said
The minister explained that the government decided to deregulate the sector to ensure
its optimum performance.
“When the price of crude oil goes up, then it means that the price of the fixed stock has gone higher; it will also
affect the price of the refined product and that is why you see that product prices are usually not static, it
depends on the price of crude oil which goes up and down.
That is why we say, deregulate so that as the price goes up or down, you begin to go up and down as well at the
pump. Before now, we fixed it which was not optimal for us as a country.” the Minister said