The ministry of petroleum resources has disclosed that the Buhari administration is no longer fixing the pump price of petroleum products in the country.
The minister of state for petroleum resources, Timipre Sylva, made the disclosure in an interaction with newsmen on Thursday, September 3.
Sylva revealed that the pump price of petroleum products was being fixed by marketers. He said all the government does is to ensure that marketers do not exploit the consumers.
“Government is no longer in the business of fixing prices for petroleum products, we have stepped back. “Our focus now is on protecting the interest of the consumers and making sure that marketers are not profiteering,” the minister said.
He stated that it was inappropriate to blame the government for the recent increase in fuel price. Sylva explained that President Muhammadu Buhari would never have allowed an increase in pump price if the decision depended on him. He noted that the recent fuel price increase was inevitable because the COVID-19 pandemic had forced the price of crude oil to zero zone.
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