Petrol Price Will Increase When Oil Goes Up – Sylva

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Minister of State for Petroleum, Timipre Sylva has expressed that Nigerians would soon get used to the hike in petrol price, stating that petrol price would always increase whenever oil rate had gone up.

He made this known while speaking with State House correspondents on Monday in Abuja.

“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.

“I believe that at this point, we are still trying to cross the first buck. We will get there; we will get used to it as Nigerians.”

He went on to state that the recent hike is a result of the announcement by an American pharmaceutical company, Pfizer, on its recent breakthrough in the fight against the coronavirus (COVID-19) pandemic.

“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,” the minister said after a routine visit to President Muhammadu Buhari at the Aso Villa.

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