Sunday, February 28

Minister hints at likely petrol price increase

Minister of State for Petroleum Resources Timipre Sylva has hinted on behalf of the federal government that Nigerians should be ready to bear the pains of increased petrol price as crude oil price climbs above $60 per barrel.

The current price of petrol is within the range of N160 and N165, the price was set when crude traded just above $43 per barrel four months ago.

Sylva spoke at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) in Abuja.

Also speaking at the event, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) – an affiliate of the Trade Union Congress, PENGASSAN President  Festus Osifo;

“Speaking about cost reduction in the oil and gas industry; it is a good initiative. But, we should look at cost reduction in governance because today the cost of our governance is quite increasing and in a very alarming rate.

“As we are tasking employees in oil and gas industries to come up with initiatives that could reduce our costs, let us also look at the way we have been managing government; the way we have been increasing bureaucracies. This must be looked at because nobody should be a sacred cow.”

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