Expect More Increase In Fuel Prices – President Buhari To Nigerians

President Muhammadu Buhari has told Nigerians to expect more increase in the price of fuel.

His statement comes amid the protests in the nation over the recent increase in fuel and electricity tariff, something that the federal government has attributed to the COVID-19 pandemic.

Speaking via a representative at the First Year Ministerial Performance Review Retreat at the State House Conference in Abuja, President Buhari said:

“The COVID-19 pandemic, which has affected economies globally, has compelled us to make some far-reaching adjustments that may cause some initial pain, but which is necessary for long-term gains.

As you all know, when oil prices collapsed at the height of the global lock-down, we deregulated the price of premium motor spirit, PMS, such that the benefit of lower prices was passed to consumers.

This was welcome by all and sundry. The effect of regulation though is that PMS prices will change with changes in global oil prices. This means, quite regrettably, that as oil prices recover, we would see some increases in PMS prices.”