FG Tells Nigerians, Businesses it Cannot Intervene as Cost Of Diesel, Aviation Fuel Continue to Rise

• The federal government has stated that there would be no action in the face of rising diesel and aviation fuel prices.
• The Minister of State for Petroleum Resources disclosed this against the backdrop of reports that diesel prices are likely to rise to N1,500 per litre.
• Fuel queues have returned in Lagos, Abuja, and other major cities throughout the country in recent days.

Timipre Sylva, Minister of State Petroleum Resources, has stated that the Federal Government could not intervene in the increasing price of diesel and aviation fuel because the prices for both goods are deregulated.

This was made known by Sylva at a media briefing in Abuja, on Monday, 20 June 2021, the Vanguard reports.

He added that the foreign exchange rate had an impact on the prices of both imported products.

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Sylva in the briefing also noted that NNPC has been the main importer of this product but what we are trying to do is to democratise the importation so that the aviation fuel users themselves should be able to access foreign exchange and be able to import this product, Dailytrust report added.

His words:

“It’s not a supply issue at all. It’s just a global problem. You know that the problem in Ukraine and Russia has actually exacerbated the rise in prices; it is not in Nigeria alone. The high cost of diesel is also because of the same reason and these are not subsidised commodities, they are deregulated commodities so actually, it is not within the purview of the government to intervene in the price."

He also explained that the ongoing Ukraine and Russia war has further exacerbated the rise in global prices.

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He said:

"It is not in Nigeria alone. The high cost of diesel is also because of the same reason and these are not subsidised commodities, they are deregulated commodities so actually, it is not within the purview of the government to intervene in the price."

Telecom operators lament poor electricity supply, spend N360 billion on diesel cost

Legit.ng reported that the telecommunication companies have cried out to the Nigeria Communications Commission (NCC) over the poor electricity supply in the country.

They said that the cost of running and powering telecom services across the country has jumped by 233.33 per cent in recent months to about N360 billion every month.

The Association of Licensed Telecoms Operators of Nigeria (ALTON) said the cost of diesel to run network towers, base stations and offices increased from N225 per litre to N750 per litre as of March 2022.

Source: Legit.ng