Price Hike: Deregulation policy difficult but better in the long run – Timipre Sylva


Minister of Petroleum Resources (State), Mr. Timipre Sylva, has explained the recent increase in the price of petrol, admitting that the deregulation of the petroleum sub-sector will be difficult for a while but pay off on the long run.

Mr. Sylva said this on Thursday during a briefing in Abuja and noted that the government no longer controls the price of the product.

According to him, the Nigerian government spends over a trillion naira yearly as subsidy payment, explaining that the high cost forced the government to allow market forces to determine the prices of the product.

The former Bayelsa governor noted that the current price of petrol is a reflection of the global crude oil price.

He revealed that the Federal Government is not working on any kind of policy to cushion the effect of the deregulation. Instead, it is introducing alternatives to petrol.

Mr. Sylva revealed that the alternatives include Liquefied Petroleum Gas (LPG), and it will be rolled out by the end of the month.

Stating further, Mr. Sylva said that the Department of Petroleum Resources will engage marketers to upgrade their facilities to be able to dispense the alternatives.

The Minister revealed that NNPC owned Petrol Stations will be the pilot and the flag-off will be in Abuja by month-end.

Petrol stations across the country increased the price of Premium Motor Spirit, popularly known as petrol, on Thursday.

The prices according to market survey, ranged from between N155 and N162 per litre, across the country observed.

The increase was triggered after the product’s ex-depot price was increased on Wednesday from N138.62 to N151.56, according to an internal memo from the Pipelines and Product Marketing Company (PPMC).

The PPMC is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

According to the memo, the new product price adjustment will take effect from September 2.

However, it did not state the Expected Open Market Price of the commodity.
~Channels tv
Share on Google Plus

About Newsmart

2 comments:

  1. This is to inform the general public that individuals can order Dan-gote3xCement directly from the factory at a promo price of 1300 Naira per bag and RICE for 10,000 naira per bag. Transportation and offloading is 300 Naira,minimum for purchase is from 100 bags and above. kindly contact Dangote Group Marketing Manager Alhaji Shehu Abubakar ON O 8 1 3 3 5 4 9 O 5 5 for booking and delivery. Note-Delivery takes two days and it’s nationwide.When Strength matters,Choose 3X.Also order your foreign used heavy equipment(DREDGER,EXCAVATOR,HEAVY DUTY TRUCK AND CONCRETE MIXER ) at the best prices and with a high performance quality.PLEASE TELL OTHERS ABOUT THIS WINDOW OF OPPORTUNITY.

    ReplyDelete
  2. AFRO DATE ORG//ADD US ON WHATSAPP +2348107906879
    AFRO DATE AGENCY(08107906879)
    GET CONNECTED TO RICH SUGAR MUMMIY-SUGAR DADDY/ GAYS & LESBIAN PARTNERS
    WE HAVE CONNECTION IN ALL THE STATE IN NIGERIA, GHANA, COTONOU, TOGO, CAMEROON, IVORY COAST AND SOUTH AFRICA, WE ALSO HAVE SERVICES IN BOTH EUROPE AND AMERICAN COUNTRIES SUCH AS USA, UK, GERMANY, BRAZIL, HOLLAND, CANADA, MALAYSIA AND SOME OTHER OVERSEA COUNTRIES, MAXIMUM SECURITY IS GUARANTEE FROM ANY SERVCE WE GIVE TO YOU ,this is a 1st class dating Organization, registered, licensed, we have top class people, both men and women, boys and girls, looking for opportunity to mingle and be friends, we have high class rich sugar mummies, sugar daddies and lesbian single ladies and mummies, who are top shots, the likes of politicians, directors, bankers, managers, executives, entrepreneur, oil barons, we have clients outside Nigeria in Uk, South Africa, Ghana, Benin republic, Dubai, USA,AfroDate has track records of providing you with the elite money clients in our organization, people willing to assist you financially, help you in procuring contracts, job Opportunities, business opportunity and even assisting you above your limit, we remain reliable, capable at what we do and we remain the only registered Dating Agency in Nigeria, rated number 1 by google and also awarded by Ovasion magazine and naija entertainment for best coordinated and secure dating agency and the only agency registered on Vconnect in Nigeria, with track records of testimonies on our website and a personal Facebook with office in Abuja and office in Tamale ghana, we have clientsLagos, Abuja, Calabar, port, Benin, Delta, Ibadan, Kwara, Jos, Kaduna, Osun, Lokoja, Enugu, Anambra, Imo and also in Benue state, we look forward in meeting you at our office and offering you a 1st class reliable service with guaranteed outcome, you are also advised to check us upVanguardonline, Thisday, ekolist, hint, and also on the lagos city magazine, we have qualified hands that can assist you in your request and if you want singles relationship within your age range that might lead to relationship and even marriage its practically free on the website just go and create a free profile for yourself, but if you wan t our advance services such as sugar mummies and daddies its only for registered members only, we also assist you in getting Fashion jobs, modeling jobs, ushering jobs and also helping you and training you in being a brand ambassador.welcome to AFRODATE SUGAR MUMMY AGENCY were your dreams can be realised, and heaven help those who help themselvesStart calling its your chance dial 08107906879 - for Nigerians only international calls +2348107906879,
    FACEBOOK PAGE—Sugarmummynetworking-africandate
    Official websites : www.sugarmummynetwork.com
    Mobile Phone NUmber--08107906879

    ReplyDelete