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President Buhari: Increase in Petrol Pump Price, Electricity Tariff is caused by COVID-19

 The President gave reason why there is increase in fuel price and electricity tariff

Buhari, who was represented by Vice President, Yemi Osinbajo, at the ministerial performance review retreat, blamed the COVID-19 pandemic as reason for the increase in petrol pump price.

Read more: Nigerian govt denies reports of free electricity, says no decision taken yet

He said, “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity. One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.

“This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.

 

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