FG Finally Speaks On Rising Price Of Diesel, Aviation Fuel, Reveals Reason

• FG Finally Speaks On Rising Price Of Diesel, Aviation Fuel, Reveals Reason

• Chief Sylva explained that the prices of both products which are imported are being impacted by foreign exchange rate

EDITOR’S PICK: 

• Police Recover Unexploded IEDs At Owo Church
• Owo Church Attack “Targeted At Turning Yorubaland Into A War Zone” – Ooni Of Ife
• [JUST IN] Owo Massacre: Tinubu Extends Philanthropic Gesture, Donates N75m To Victims, Church

EKO HOT BLOG reports that the Minister of State Petroleum Resources, Chief Timipre Sylva recently stated that the Federal Government is not in a position to intervene in the rising price of diesel and aviation fuel because prices for both products are deregulated.

Chief Sylva who stated this in Abuja yesterday explained that the prices of both products which are imported are being impacted by foreign exchange rate.

He said: “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.

FURTHER READING: 

• JUST IN: Owo Catholic Priest Finally Speaks On Sunday Morning Attack
• PDP Charges Security Agencies To Arrest Perpetrators Of Owo Church Attack
• Owo Massacre: Peter Obi Reacts, Says Nigeria Becoming A ‘FAILED STATE’

“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”, he added.

Click to watch our video of the week