"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. Read here.

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 took the decision to deregulate the sector in order 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


CC

Lalasticlala

Mynd44

J

Price of crude oil:
Jan 1, 2012 .... $110.69
Nov 16, 2020.... $42.05

Sad but true.

chai!!!!!!Nigeria is really living up to the name tag zoogeria


I am still sitting on the fence

CodeTemplar:
Sad but true.

How is it dat the prices of diesel, cooking gas and kerosene doesn't go up or down wen the same crude oil prices also fluctuate?

You wicked fools...all the time the price reached all time low n ko? Didn't we still pay through our nostrils? We need technocrats in charge of petroleum matters, ones that have knowledge of the subject matter, the fear of God and the love of mankind...not you and your yeye oga at the top

PenuelFarms:
Price of crude oil:
Jan 1, 2012 .... $110.69
Nov 16, 2020.... $42.05

You did not complete it

Petrol price

Jan 1, 2012 .... 87 naira per litre
Nov 16, 2020.... 170 naira per litre

Nbotee:


How is it dat the prices of diesel, cooking gas and kerosene doesn't go up or down wen the same crude oil prices also fluctuate?

Same reason price of corn flakes doesn't fluctuate along with price of corn always.

What kind of abracadabra mathematics is this? Brent crude was over $100 dollars during JEG and we bought it for far less. So what was the protest about then?
You see? Lies don finish for factory.

And did the price of petrol went down in Nigeria when the price in the global market was down during the Coronavirus pandemic? They keep on the narrative only when it suits their whims and caprices.

I doubt this guy has any sense

what kind of logic is this ?

CodeTemplar:
Same reason price of corn flakes doesn't fluctuate along with price of corn always.

Why are U contradicting urself? Read dis ur logic all over again and help us understand how it supports the minister's claims and my question. Kerosene, Diesel and cooking gas are all bye products of the same process dat produced petrol...

PenuelFarms:
Price of crude oil:
Jan 1, 2012 .... $110.69
Nov 16, 2020.... $42.05

Keep in mind that in 2012 we were earning more dollars which means the valueof the naira was higher
While now, low supply of dollars means lower value of naira

So the value of 97 naira in 2012 = the value of 160 naira today

Don't forget that ÀPC scammed us by saying that the high value of the Dollar then was due to Jonathan's cluelessness and they would make it better.

Moreover, the reason adduced to the latest increment was 'forces of demand and supply'.

PhiliptheArab:



Keep in mind that in 2012 we were earning more dollars which means the valueof the naira was higher
While now, low supply of dollars means lower value of naira

So the value of 97 naira in 2012 = the value of 160 naira today

Earthstorms:


You did not complete it

Petrol price

Jan 1, 2012 .... 87 naira per litre
Nov 16, 2020.... 170 naira per litre

Jan 2011 65 naira
Jan 2012 97 naira( originally 140 naira)
Jan 2015 87 naira

PenuelFarms:
Don't forget that ÀPC scammed us by saying that the high value of the Dollar then was due to Jonathan's cluelessness and they would make it better.

Moreover, the reason adduced to the latest increment was 'forces of demand and supply'.

All in all, if GEJ had been allowed to raise price of fuwl from 65 to 140 naira as originally planned, prices would have lomg since fallen by now thanks to deregulation.

The Buhari governemt is doing what should have been done ages ago.

Plus pdp had no plans to impove the value of the naira same as APC. APC was just lying to win votes. The only way the value of the.naira can imporve is if Nigerian economy becomes industrial.