How Covid-19 Vaccine Breakthrough Led To Fuel Hike – Sylva

Cat:

Related stories

As the US, UAE Close its Doors, FG Pledges Diplomatic Resolution

Retired Envoys: Without Ambassadors, Nothing 'll change By Abiola...

What NATO Countries Spend on Military, Health, and Education

Key Takeaways Currently, every NATO member spends less on their military...

Nigeria: Flying Blind In The Global Space

By Owei Lakemfa The United States, US, government of...

Is the world shutting its door on Nigeria?, By Dakuku Peterside

Visa restrictions are more than bureaucratic hurdles. They are...

[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in Daura

https://m.youtube.com/watch?v=yElAG5mJUbA&pp=ygUYUHJlc2lkZW50IGJ1aGFyaSBidXJpZWQg By Abiola Olawale In a solemn moment, Nigeria has bid...

Minister of State for Petroleum Resource, Timipre Sylva has attributed hike in pump price of petrol to breakthrough in COVID-19 vaccine by Pfizer.

He said the announcement of the breakthrough led to slight increase of the product at the international level, which led to the adjustment of fuel price in Nigeria.

Sylva, who spoke in Abuja shortly after a meeting with President Muhammadu Buhari, said what happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer.

He said with that, crude oil prices went up a little bit, which necessitated adjustment.

Sylva stated that “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.

“So, when crude oil prices go up a little bit, then you will see that (it will) instantly reflect on the price of petrol, which is a derivative of crude oil.”

He explained that the prices of crude oil is determined by the force of demand and supply at the international level.

Sylva said since the nation had deregulated the downstream sector, the international prices of crude oil now determined how much the product would be sold locally in Nigeria.

“When the price of crude oil goes up, then it means that the price of the fixed stock has gone higher; it will also affect the price of the refined product and that is why you see that product prices are usually not static, it depends on the price of crude oil which goes up and down.

“That is why we say, deregulate so that as the price goes up or down, you begin to go up and down as well at the pump. Before now, we fixed it – which was not optimal for us as a country,” he explained.

Agency Report 

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
As the US, UAE Close its Doors, FG Pledges Diplomatic ResolutionWhat NATO Countries Spend on Military, Health, and EducationNigeria: Flying Blind In The Global SpaceIs the world shutting its door on Nigeria?, By Dakuku Peterside[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in DauraEnd of an Era: Massive Security Presence in Katsina as Nigerians Prepare for Buhari’s FarewellFemi Adesina Counters Critics, Says Buhari Would 've Died Before Now if He Used local HospitalsTribute To The Late Former President, Muhammadu Buhari GCFR[PHOTOS]Buhari: Tinubu Arrives Katsina for State BurialBreaking! Buhari’s Remains Arrive in Nigeria as Political Elites Gather in Daura for BurialEnd of an Era!Buhari's Remains depart London for Nigeria for Full State BurialOba Adetona's Burial: Fierce Race for Next Awujale of Ijebuland CommencesBuhari had no property in the UK, says Femi AdesinaBuhari: FG declares Tuesday as Public Holiday Details as FG Declares Tuesday a Public Holiday to Honor Buhari
X whatsapp