The Minister of State for Petroleum, Timipre Sylva, has justified calls for fuel price increases, citing that other countries that pay more for fuel than Nigeria.
He said this while speaking at an event titled “PMB Administration Scorecard 2015-2023” which showcased the achievements of the Buhari administration
Sylva said he would not mind purchasing fuel at N300 per litre.
The minister stated that other countries sell their products at higher prices and that N300 per litre is not too high.
He also said that the price could be further lowered if there is an improvement in the exchange rate.
“You asked if we can achieve N40 per litre. I will say ‘yes’ but this is dependent on if we are able to also achieve, within this period, improvement in the exchange rate.
“If we can achieve one dollar to one naira exchange rate within this time, we would also be able to improve on the pricing because these things are dependent on other factors; the exchange rate is also a factor.
“That’s just in the lighter mood but seriously speaking, I commend the agencies under the ministry for their hard work…the management of the supply situation, under this subsidy regime is not easy.
“We must all agree, so much money is being burnt in our vehicles but somehow, we have to scoop funds, to continue to keep the country wet.
“The N40 per litre pricing is not something that is realistic. But, as you asked me, how I would feel as a private citizen, to buy petroleum products at N300 per litre, frankly, I would say I won’t feel bad knowing the kind of situation and if you compare Nigeria to other countries, then, you would also understand. If you convert the N300 to other currencies, then, you would probably understand.”
“A lot of you travel to the United Kingdom and the United States. How much do you buy petroleum products? Even in Saudi Arabia and in the Arab countries that produce crude oil, convert to naira, you will find out that we are not doing too badly.”
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