Be ready to take pains of high petrol cost, NNPC can’t continue

Be ready to take pains of high petrol cost, NNPC can’t continue – Sylva tells Nigerians

Timipre Sylva, the Minister of State for Petroleum Resources, has urged Nigerians to be ready to take the pains of increased petrol pump price as crude oil price goes up above $60 per barrel.

Sylva explained that with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) couldn’t continue to bear the cost of under-recovery.

The former Bayelsa Governor disclosed this at the official launch of Nigerian Upstream Cost Optimisation Program on Tuesday.

According to Sylva: “Since we’re optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know, oil prices are where they’re today, $60.

“As desirable as this, this has serious consequences as well on product prices. So we want to take the pleasure, and we should as a country, be ready to take the pain.

“Today the NNPC is taking a big hit from this. We all know that there is no provision in the budget for subsidy.

“So, somewhere down the line, I believe that the NNPC can’t continue to take this blow. There’s no way because there’s no provision for it.

“As a country, let us take the benefits of the higher crude oil prices, and I hope we’ll also be ready to take a little pain on the side of higher product prices.”

Currently, the pump price of petrol ranges from N160 –N165, the price set when crude traded just above $43 per barrel, a few months ago.

Comments

Pictures From Tiwa Savage And Teebillz Pre-Wedding Party In Dubai Last Night

Popular Nollywood Actor Ernest Asuzu Is Dead

Veteran Nollywood actor, Ernest Asuzu popularly known as El Cream, is dead. His wife, Jennifer Asuzu, who confirmed the sad incident, said he fainted on Tuesday evening and never woke up. Asuzu, who hailed from Imo, grew up in Lagos. In the late 90s he was into music and was a rapper, producer, director, and a television personality. He became more popular after featuring in a number of movies including “RITUALS” a movie that was produced by Kenneth Nnebue. The deceased acted in more than 100 movies since he joined the Nigerian movie industry. Some of the movies include: Living Abroad, Royal war, Last Wedding, Burning Desire, Ogidan, Never End, Broad Day Light, Ugonna and a popular hit movie, Labista which won him an award as the best supporting actor at the African Movie Academy Award. He was known to have acted alongside famous actors like Junior Pope Odonwodo, Gentle Jack, Emma Ahumadu, Jim Iyke, and Sylvester Madu amongst other celebrities.

Profile Of New Chief of Army Staff Maj Gen Ibrahim Attahiru

General Ibrahim Attahiru Profile of New Chief of Army Staff Maj Gen Ibrahim Attahiru Major General Ibrahim Attahiru was born on 10 August 1966 in Doka, Kaduna North Local Government Area, Kaduna State. He is a graduate of the Nigerian Defence Academy, Armed Forces Command and Staff College and Nigerian Army School of Infantry. He commenced cadets training in January 1984 and was commissioned in the rank of Second Lieutenant in December 1986 as an Infantry Officer. General Attahiru has held several appointments on the staff, instructional and in command in the course of his military career. He had a tour of duty with the United Nations in Sierra Leone as a Military Observer, where he facilitated United Kingdom military engagement, Operation BARASS in September 2000. He was an Operations Officer and later Company Commander in NIBATT 19 ECOMOG Operations in Liberia. Also, he had the unique privilege of having commanded with distinction all through the chain of command in the Nigerian...

egberikoko

Search This Blog