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FG Reveals Why They Can’t Intervene In Rising Price Of Diesel, Aviation Fuel

According to Chief Timipre Sylva, Minister of State Petroleum Resources, the Federal Government cannot interfere in the growing price of diesel and aviation fuel because the prices for both goods are deregulated.

This was expressed by Sylva at a speech in Abuja yesterday.

He added that the foreign currency rate has an influence on the cost of both imported items.

Diesel Prices May Reach N1,500 Per Litre, With 75% Of Filling Stations Closed–Marketers

“So, it is not within the purview of the government to fix the prices at all. And of course, the actual issue is also the foreign exchange. People cannot access foreign exchange to import this. For the time being, NNPC has been the main importer of this product but what we are trying to do is to democratise the importation so that the aviation fuel users themselves should be able to access foreign exchange and be able to import this product.

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“It’s not a supply issue at all. It’s just a global problem. You know that the problem in Ukraine and Russia has actually exacerbated the rise in prices; it is not in Nigeria alone. The high cost of diesel is also because of the same reason and these are not subsidised commodities, they are deregulated commodities so actually, it is not within the purview of the government to intervene in the price,” Sylva said.

 

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