The Minister of State for Petroleum, Timipre Sylva, says he believes that Nigerians would soon adjust to the hike in price of petroleum.
Sylva also reaffirmed the government’s deregulation policy, noting that petrol price would always increase whenever oil rate had gone up.
He said this on Monday in an interview with State House correspondents after a meeting he had with the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja.
He said, “Petrol is refined from crude oil, so petrol price is directly related to the price of crude oil in the market.
“So, if I buy crude oil at a certain price and refine this month, if the crude price is low at the time, then my petrol price will become low because the feedstock from which I refined petrol was lower in price.
“If the price of crude oil goes up, then it means the price of the feedstock 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.”
The minister said because of deregulation, the government was not longer in the business of fixing fuel price.
“I believe that at this point, we are still trying to cross the first buck. We will get there; we will get used to it as Nigerians.”
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