Buhari’s government to increase petroleum pump price soon

The Federal Government of Nigeria said, the price of Petroleum pump price would be increased soon.

Speaking with journalists on Friday, the Minister of State for Petroleum Resources, Timipre Sylva told journalists of government’s intention to discontinue payment of subsidy as a result of the prevailing economic circumstances.

Sylva was in Portharcourt to attend a ceremony organised by the Offshore Technology Institute, University of Port Harcourt, Rivers State, where awards were given.

The Minister further hinted that subsidy regime of petroleum popularly called PMS would be totally cancelled, saying that subsidy is robbing the common people to pay few businessmen in oil and gas chain.

According to him: “It is very unfortunate that if (there is) an increment in fuel pump price, (it) would have an impact on the marketplace and we are not happy about that.

“The President especially does not want to do it, but the economic realities are staring us in the face.

“Can we continue to support the subsidy, which is not necessarily benefiting the ordinary person, but is benefiting certain individuals who are businessmen in the country? I don’t want to identify the people that are benefiting.

“Subsidy is not directly benefitting Nigerians; the biggest contact with Nigerians is kerosene consumption used by local persons for cooking; as for diesel, it is used to transport food items and so on. But these have been deregulated for a long time now.”

Sylva noted that the increment will be discussed with the relevant stakeholders before announcement, insisting that subsidy must be scrapped.

“Right now, we are still in discussion with stakeholders, so we have decided to go on with subsidy for some time, until we are able to conclude our discussions with the stakeholders and announce the policy direction.”