Tuesday, June 15, 2021
telegram SH
Whatsapp 9787748839374893773 1

images 23 1609798193847

HomeBusinessBreakthrough In COVID-19 Vaccine Responsible For Petrol Pump Price Hike - FG

Breakthrough In COVID-19 Vaccine Responsible For Petrol Pump Price Hike – FG

The federal government has linked the hike in pump price of petrol to breakthrough in COVID-19 vaccine by Pfizer.

Making this revelations in Abuja shortly after a meeting with President Muhammadu Buhari, the minister of State for Petroleum Resource, Timipre Sylva 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.

He said what happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer, adding that crude oil prices went up a little bit, which necessitated adjustment.

Related Posts

  1. 143 New COVID-19 Cases, 209 Discharged In Nigeria
  2. Fuel Price: Presidency Gives Explanation To Why Buhari Compared Nigeria To Saudi Arabia
  3. Marketers To Sell Petrol At ₦168 - ₦170 Per Litre As NNPC Raises Depot Price
  4. NCDC Records 157 New Covid-19 Cases, 89 Discharged
  5. Nigeria Records 152 New Covid-19 Cases, 175 Discharged
  6. Nigeria Records 246 New COVID-19 Cases, 102 Discharged
  7. Nigeria Records 56 New COVID-19 Cases, 165 Discharged

FREE AIRTIME FOR YOU: 96999- 68991- 80618(GLO). Keep visiting our blog for updates & more free Airtime

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.

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

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


SEE HOW TO MAKE MONEY ON THIS PLATFORM>>[http://bit.ly/2PvYHfC]

Donate to support Freshreporters=>https://freshreporters.com/support




DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo [email protected]

For Advert and other info, you can send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

telegram iconJoin our Telegram Group

facebook iconLike our Facebook Page

whatsapp iconJoin our WhatsApp Group

twitter iconFollow Us on Twitter

facebook iconJoin Our FACEBOOK GROUP

instagram iconFollow Us on Instagram

youtube iconSubscribe to our YouTube Channel


PROMO SALES!!! Get cheap WRISTWATCH, SHADES & BRACELET collections😘💃

wristwatch, shades, bracelet

Most Viewed news