The Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, September 3, revealed that the Federal Government was not currently capable, financially, to pay the fuel subsidy.
Sylva In an address to the media, said that since the introduction of the deregulation policy, the country has saved about N1 trillion and that the Federal Government has concluded plans to merge the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Petroleum Equalisation Fund, PEF, into one agency called The Authority.
The former Bayelsa State Governor noted that the current price of petrol is due to a reflection of the global crude oil price which did not affected other countries in the globe.
Petrol stations across the country increased the price of petrol, on Thursday which caused lots of negative reactions from Nigerians as prices ranged from between N155 and N162 per liters.
The increase was triggered after the depot price was increased on Wednesday from according to an internal memo from the Pipelines and Product Marketing Company (PPMC).