The Federal Government has linked the recent increase in the cost of petrol to the announcement of the development of a COVID-19 vaccine by Pfizer.
Minister of State for Petroleum Resources, Timipre Sylva, disclosed this while fielding questions from State House correspondents after his routine meeting with President Muhammadu Buhari on Monday.
He said the announcement impacted on the price of crude oil, noting that since government had decided to allow the petrol price to float, a rise in the crude oil price would naturally be reflected in the price of petrol.
“Now 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,” Sylva said.
Sylva also advised Nigerians to get used to the deregulation of the pump price of petrol just as they had become in the case of kerosene and diesel. He said diesel and kerosene were even more important to the ordinary citizens than petrol, which he said was mostly used by the elite. The minister reiterated that Nigeria was no longer in the position to subsidize the cost of petrol, in view of falling crude oil production and lack of optimal sale.