BREAKING; We may likely increase price of petrol products – Federal government declares

The Federal Government on Tuesday hinted at likely hike in the pump price of petrol.

Minister of State for Petroleum Resources Timipre Sylva urged Nigerians to be ready to bear the pains of increased petrol price as crude oil price climbs above $60 per barrel.

The price of a litre of petrol is between N160 and N165, the price 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, stated this amid concerns that the government may increase the price of premium motor spirit (otherwise known as petrol) following increase in the global price of crude oil to $60 per barrel.

PENGASSAN President Festus Osifo said there must be cost reduction in the oil and gas sector.

Osifo said: “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.”