{"id":23824,"date":"2020-07-09T14:51:55","date_gmt":"2020-07-09T14:51:55","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=23824"},"modified":"2020-07-09T14:51:55","modified_gmt":"2020-07-09T14:51:55","slug":"nigerian-govt-did-not-promise-to-keep-fuel-pump-price-permanently-low-sylva","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=23824","title":{"rendered":"Nigerian Govt did not promise to keep fuel pump price permanently low \u2013Sylva"},"content":{"rendered":"\n
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The Minister of State for Petroleum Resources, Timipre Sylva Thursday, said the Nigerian government never at any time made a promise to keep the pump price of gasoline permanently low.<\/p>\n\n\n\n

\u201cWe can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce pump price and keep it permanently low,\u201d Mr Sylva<\/a> said in a series of Tweets posted on the petroleum ministry\u2019s Instagram page in a post titled \u201cDeregulation: The facts and the reasons behind the policy.\u201d<\/p>\n\n\n\n

He noted that deregulation implied that government had ceased to be the sole importer of petroleum products but would back private sector\u2019s involvement in the supply chain.<\/p>\n\n\n\n

\u201cThis means also that market forces will henceforth determine the prices at the pump. In line with global best practices, the government will continue to play its traditional role of regulation to ensure that this strategic commodity is not priced arbitrarily by private sector suppliers.\u201d<\/p>\n\n\n\n

He compared the watchdog role of government to that played by the central bank in the banking industry in \u201censuring that commercial banks do not charge arbitrary interest rates.\u201d<\/p>\n\n\n\n

\u201cPetroleum products are refined from crude oil. Therefore, the price of crude (the feedstock) for the refining process will affect the price of the refined product.<\/p>\n\n\n\n

\u201cWhen crude oil prices were down, government, through its regulatory functions, ensured that the benefits of lower crude oil prices were enjoyed by Nigerians by ensuring that PMS was lowered. At that time, we indicated that an increase in crude oil prices will also reflect at the pump,\u201d he said.<\/p>\n\n\n\n

According to the minister, the petroleum subsidy system constituted one of the reasons why Nigeria had not been able to attract international investors.<\/p>\n\n\n\n

\u201cWe need to free up that investment space so that what happened in the banking sector, the aviation sector and other sectors can happen in the midstream and downstream oil sector,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister of State for Petroleum Resources, Timipre Sylva Thursday, said the Nigerian government never at any time made a promise to keep the pump price of gasoline permanently low. \u201cWe can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce pump price and keep […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_mi_skip_tracking":false},"categories":[43],"tags":[],"yoast_head":"\nNigerian Govt did not promise to keep fuel pump price permanently low \u2013Sylva » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=23824\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=23824#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Petroleum\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=43\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nigerian Govt did not promise to keep fuel pump price permanently low \u2013Sylva\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigerian Govt did not promise to keep fuel pump price permanently low \u2013Sylva » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=23824","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=23824#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Petroleum","item":"https:\/\/watchdogplusmedia.com\/?cat=43"},{"@type":"ListItem","position":3,"name":"Nigerian Govt did not promise to keep fuel pump price permanently low \u2013Sylva"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=43\" rel=\"category\">Petroleum<\/a>","rttpg_excerpt":"The Minister of State for Petroleum Resources, Timipre Sylva Thursday, said the Nigerian government never at any time made a promise to keep the pump price of gasoline permanently low. \u201cWe can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce pump price and keep…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/23824"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23824"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/23824\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}