The Minister of State for Petroleum Resources, Timipreye Sylva, has said in Abuja that there is nothing the government can do to intervene in the new petrol price as it is a direct fallout of the deregulation policy announced in the petroleum sector in March.
“It is a necessary economic policy,” he said “Successive administrations had desired to achieve deregulation without success. Some lacked the political will, while for others the timing was not appropriate.
“But, there is a direct correlation of the price of the refined products to the crude oil price, as it is refined from crude oil. Therefore when the crude oil price goes up, the price of the refined products and other derivatives go up, and vice versa.”
*Culled from Premium Times.