Pfizer’s Covid-19 Vaccine Success Cause For Recent Petrol Price Increase- FG

60

 

The federal government has said that the recent increase in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, is due to the announcement of a positive outcome in the final stage trial of the coronavirus vaccine being developed by American pharmaceutical giant, Pfizer Inc in collaboration with BioNTech.

The explanation follows the public outcry and criticisms that have greeted the petrol price increase.

Minister of State for Petroleum Resources, Timipre Sylva, during an interaction with State House correspondents on Monday pointed out that the announcement by Pfizer – that its COVID-19 vaccine is over 90% effective – triggered a slight increase in the price of crude oil in the global market.

He said, “What happened recently was because of the announcement of a vaccine for Covid-19 by Pfizer. With that, crude oil prices went up a little bit.

“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 continued, “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.

READ ALSO: Border Closure Not Reason For Maltreatment Of Nigerian Traders In Ghana – Dabiri-Erewa

“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.”

Sylva prices may crash again to a much lower figure, like was experienced in March 2020, if the price of crude drops again.

Sylva also described the removal of petrol subsidy as an appropriate action because it favours only the elite at the expense of the poor. He said if prices of diesel and kerosene, which are petroleum products used by the poorest people of the society had long been deregulated, it would be unfair not to deregulate the price of petrol consumed mainly by the rich.

According to him, end-users of diesel, for instance, are peasant farmers whom he said regularly transport their farm produce through trucks, powered by diesel, adding that users of kerosene are also the masses who cannot afford to buy cars.

He wondered why deregulating the petroleum downstream sector would generate issues when products mainly consumed by poorer people have long been deregulated.

He said: “Look at it, a situation where diesel has been deregulated long ago, a situation where kerosene has been deregulated long ago, and these are the fuels that the poorest and lowest people in Nigeria interacted with more.

“Why do I say that? If you want to transport food from the North to the South, it will be by trucks that are run by diesel, not with petrol. Those trucks that transport food from the North to the South are usually run by diesel. Kerosene is the preferred fuel at the lowest level of our society. These have been deregulated long ago. So, what is the problem with deregulating petrol, which is mostly used by the elite?

“Let us be fair to this country. Let us be fair to the poor people of the country. If we have deregulated what they were using, then there is absolutely no reason to subsidise petrol. I feel so. The only explanation for everything we have said is the country just could not afford subsidy anymore.”

Sylva explained that if the subsidy regime continues in the face of the drastic fall in the prices of crude oil in the global market and oil production cut by the Organisation of Petroleum Exporting Countries (OPEC), the federal government would get to the level where it would be unable to pay salaries after paying subsidy.

 

Yetunde Adegoke

You might also like

Leave A Reply

Your email address will not be published.

60 Comments
  1. Hhnjcf says

    cialis 20mg price in mexico – generic cialis reviews cialis generic coupon

  2. Pgapos says

    buy female viagra – how to buy generic viagra from canada where can i get female viagra uk

  3. Grvjkj says

    buy generic cialis canada – buy cialis online with mastercard tadalafil drug generic drug

  4. Wmxdjm says

    ivermectin 50ml – ivermectin 1% price of ivermectin tablets

  5. Cbcswv says

    online casino games real money – casinos real casino

  6. Tzckxe says

    erectile dysfunction causes – new ed drugs ed pills that really work

  7. Mlorzj says

    prednisone prescription online – prednisone generic brand name prednisone 20 mg in india

  8. Mtpchw says

    where to get generic viagra online – uk viagra no prescription sildenafil 20 mg online rx

  9. Wumzaw says

    how to order cialis without a prescription – Cialis online order real cialis 20mg

  10. Wpsavk says

    ivermectin 4 tablets price – stromectol cost in usa ivermectin lice oral

  11. Slijlh says

    medicine for impotence – medications for ed ed medication

  12. Qaafev says

    buy ventolin – buy ventolin online ventolin purchase

  13. Mycmyi says

    cytotec buy online india – where can i get cytotec pills over the counter cytotec for iud placement

  14. Jaxqiq says

    doxycycline pharmacy uk – doxycycline medication doxycycline capsules for sale

  15. Xfslvt says

    neurontin tablets 100mg – neurontin tablets 100mg levothyroxine 25 mg price

  16. Biehwe says

    uk viagra no prescription – where to buy female viagra in canada super viagra online

  17. Xfjhht says

    brand cialis online – best price cialis 20mg australia

  18. Wuzepc says

    buy vardenafil line – vardenafil kaufen buy discount vardenafil

  19. Uasjkt says

    ivermectin 3mg online – stromectol price uk

  20. Kdbnam says

    buy prednisone online from mexico – prednisone 5 mg online order prednisone 10mg no prescription

  21. Ndfkon says

    buy isotretinoin – isotretinoin for acne accutane 2009

  22. Rxitcs says

    antibiotics without a doctors prescription – amoxicillin for sale for humans 500 mg amoxicilin brand name

  23. Qrdkjd says

    medrol costs – methylprednisolone 4 pill lyrica 500 mg tablet

  24. Objzib says

    need help writing a paper – essay on help paper assistance

  25. Pdrsge says

    sildenafil 120mg price – Generic viagra sildenafil generic us

  26. Wyqila says

    tadalafil prices – Cialis pharmacy tadalafil pills

  27. Wtstgv says

    ivermectin oral 0 8 – ivermectinok.com stromectol tablets 3 mg

  28. Ockfja says

    20 mg prednisone tablet – deltasone 20 mg cost over the counter prednisone cream

  29. Vrimpw says

    lasix online – buy clomid online buy furosemide uk

  30. Efczyv says

    ventolin uk price – ventolin generic ventolin cost

  31. Meevzq says

    cytotec where to buy uk – cytotexr cytotec prescription online

  32. Yphjed says

    doxycycline 100mg cap tab – prednisolone 5mg for sale prednisolone 5mg coupon

  33. Bsfnel says

    ivermectin 8000 – stromectol tablets for sale ivermectin 12 mg

  34. Akqrhf says

    buy ivermectin canada – stromectol 3mg cost ivermectin oral

  35. Xydwxb says

    sildenafil cheap – silepilled.com cheapest sildenafil online

  36. Qicwgc says

    tadalafil buy online – tadalafil 5mg liquid tadalafil

  37. Msssji says

    can you buy accutane over the counter in canada – accutane canada buy generic accutane online cheap

  38. Qwyifv says

    help with writing a paper – buying an essay help writing essays

  39. Zpzvpa says

    stromectol australia – stromectol for humans buy ivermectin 2mg

  40. Uelujo says

    viagra super active plus – Brand name cialis overnight tadalafil 5mg india

  41. Uolpyy says

    vardenafil free sample – buytopep best ed pills online

  42. Tgcawn says

    how much does hydroxychloroquine cost – hydroxychloroquine study prednisone 4mg

  43. Scjcpr says

    cenforce 200 usa and uk – cenforce 50mg online cenforce 100 paypal

  44. Plhoro says

    orlistat dosage for adults – orlistatpl orlistat dosis

  45. Zbllbj says

    buy ivermectin 6mg – ivermectin tablets order ivermectin pills canada

  46. Qzchrz says

    cheapest generic viagra australia – sildenafil online how to get a viagra prescription online

  47. Rornbt says

    online cialis paypal – cialis savings card buy tadalafil paypal

  48. Iozmkm says

    generic cialis 2.5 mg online – purchase cialis viagra cialis levitra

  49. Bzbwwk says

    how can i order prednisone – buy prednisone tablets online buy 10 mg prednisone

  50. Tilina says

    ivermectin for sale – generic ivermectin purchase ivermectin

  51. Kcpkds says

    stromectol prices – buy ivermectin usa ivermectin 2mg online

  52. Owgcnu says

    viagra pills australia – cheap viagra black best viagra capsule

  53. Duwmpj says

    female viagra pill over the counter – sildenafil for women viagra gel uk

  54. Ojeryk says

    tadalafil generic uk – site 6mg tadalafil

  55. Vaiyot says

    cheap cialis in usa – okcialpll.com 5mg tadalafil daily

  56. Sqsnte says

    cost of ivermectin cream – stromectol coronavirus can i buy ivermectin online

  57. Gzrsie says

    stromectol – ivermectin for humans ivermectin 12 mg pills for humans

  58. Ltusux says

    casino online slots – casino online real money best casino online

  59. Lnzmtq says

    term papers writing service – write papers for me write me a paper

  60. Zcnrwe says

    buy sildenafil in usa – Buy pfizer viagra in canada viagra price comparison usa

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More