The honorable minister of (state) petroleum, Timipre Sylva shows concerns over possible scarcity of petroleum which may start very soon
Sylva Express this while in a late-night meeting with leader of of Organized labor on Monday February 1, the meeting held to reach a consensus between the two parties over the increments of PMS (petrol) and electricity tariff in which the organized labor threatened to embark on nation wide strike if not reversed
Meanwhile, the chairman of the technical committee on PMS Onochie Anyaoku said he has figured out ways where the federal government should work on to lower the price of petrol and lessen unnecessary pressure on Nigerians adding that the report has been on the committee table
However the committee also confirmed the submission of the report and said it will report back on Feb. 21 after checked.
Recall, Petrol prices in Nigeria have increased for three straight months in 2020, rising from slightly over 121 naira per liter in June to over 143 naira in July, 150 naira in August and most recent one is 162 naira, in September, according to the report.
followed the action from federal government the Petroleum Products Marketing Company increased the ex-depot rate of petrol – the price at which it is sold to suppliers – to over 151 naira from 138 naira, before slashing it down to 147 naira, the report said.
The last time Nigerian experience green light on the pump price of petrol was during the total lockdown in 2020 when the oil price was down to earth in the international market.
As for electricity, authorities approved a rise in rates starting September 2020, although a previous tariff hike slated for July 1 was halted by Nigeria’s parliament.