President Muhammadu Buhari is not responsible for the fixing of the pump price of petroleum products in the country.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, made this known while briefing newsmen on the increase in the pump price of Premium Motor Spirit (PMS), also known as petrol.
Ex-depot price is the price marketers buy products from depot owners.
Speaking to newsmen, Sylva disclosed that the federal government was no longer responsible for fixing prices for petroleum products.
He stated that the government was only focused on protecting the interest of consumers and making sure that marketers are not profiteering.
The former Bayelsa State governor described as unfortunate the blame levelled against the Buhari administration over the fuel increase.
According to the minister, deregulation of the sector was imperative for the economy.
“You all know that that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor,” he said.
“Left for him, he will never allow increase in pump price; for this to happen, it means that it is an inevitable decision.
“COVID-19 took the price of crude oil to zero zone.”
He said that the government cannot fund subsidy, hence would not adopt that as an option, noting that current happenings were for the economic survival of the country.
Sylva said that the government had cut crude production from two million barrels to 1.412 million barrels per day.