The Minister of State for Petroleum Resources, Timipre Sylva, said buying Premium Motor Spirit (PMS), also known as fuel, at N300 per litre is not too much for Nigerians.
Sylva said in comparison with fuel prices in United Kingdom, the United States, and the Arab communities, he won’t complain if the petrol price was raised to N300/litre.
He made this known while responding to question regarding fuel hitting N300/litre during the scorecard series (2015-2023) of the President Muhammadu Buhari administration, on Monday in Abuja.
“If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand,” Sylvia said.
He explained further, “When you convert the N300/litre that you are talking about to other currencies, then you will understand. A lot of you travel to the United Kingdom or the United States, how much do you buy petroleum products there? Even in Arab communities that produce crude oil.”
Ripples Nigeria notes that pump price varies across retail stations, with the Nigerian National Petroleum Company (NNPC) Limited stations selling at N170/litre, Major Oil Marketers Association of Nigeria (MOMAN) retailers selling fuel around N200/litre, while stations belonging to Independent Petroleum Marketers Association of Nigeria (IPMAN) sell petrol to the public above N230/litre.
However, despite this disparity in fuel prices, which is far from the government-controlled price of N170 per litre, the minister said Nigeria was still operating a subsidy regime.
“Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there,” the minister said.
Note that Buhari’s administration has extended fuel subsidy to June 2023, budgeting N3.3 trillion for six months period.
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