The Minister of State for Petroleum Resources, Timipre Sylva, has assured Nigerians that the deregulation of the pump price petrol will soon begin to yield fruitful results.
The minister who was reacting to the latest pump price increase and the fact that it was no longer possible for government to subsidize, It is unfortunate we are experiencing some of these things now but added the positive results will startb yielding in a short while.
He said, ‘’the only explanation to everything we have said is the country just could not afford subsidy anymore.
It is unfortunate we are experiencing some of these things now. We will get by, I am sure when things stabilize our earnings begin to improve, we will begin to see the benefits of what this government has done.”
He explained that trucks that move food produce from one part of the country to another use diesel while kerosene also used by most of the Nigerian masses has since been deregulated.
“Look at it, a situation where diesel has been deregulated long ago, a situation where kerosene has been deregulated long ago, and these are the fuels the poorest people in Nigeria interact with more.
Why do I say that? “If you want to transport food from the north to the south, it will be by trucks that are run by diesel, not with petrol.
Those trucks that transport food from the north to the south are usually run by diesel. “Kerosene is the preferred fuel at the lowest level of our society. These have been deregulated long ago.
So, what is the problem with deregulating petrol, which is mostly used by the elite? “Let us be fair to this country, let us be fair to the poor people in this country.
If we have deregulated what they were using, then there is actually no reason why we should continue to subsidize petrol. I feel so.”
“Let us first agree that these are not the best of times not only for Nigeria but for the global community.
What we have said over and over again as a government is that government is no longer in the business of fixing pump price, that is the meaning of deregulation and stepping back on subsidy.