FEDERAL GOVERNMENT LINKS PETROL PRICE INCREASE TO PFIZER DISCOVERY OF COVID-19
The Federal Government says the latest increase in the pump price of petrol, also known as Premium Motor Spirit, PMS, was informed by the announcement by an American pharmaceutical company, Pfizer, of its recent breakthrough in the discovery of a vaccine against COVID-19.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, who gave this explanation, spoke on a day the Nigeria Labour Congress, NLC, warned the government that there was a limit to what the citizens could tolerate if the abysmal increases in the price of refined petroleum products and other essential goods and services continued.
The Minister said the announcement of a COVID-19 vaccine by Pfizer triggered a slight increase in the price of crude oil in the global market.
According to him, the pump price of petrol is directly determined by the price of crude oil in the global market.