The minister of State Petroleum Resources, Chief Timipre Sylva gives reason why the federal government can’t intervene in the current rising cost of diesel and aviation fuel.
According to him “The Federal Government is not in a position to intervene in the rising price of diesel and aviation fuel because prices for both products are deregulated.
“Chief Sylva who stated this in Abuja yesterday explained that the prices of both products which are imported are being impacted by foreign exchange rate.
“It’s not a supply issue at all. It’s just a global problem. You know that the problem in Ukraine and Russia has actually exacerbated the rise in prices; it is not in Nigeria alone. The high cost of diesel is also because of the same reason and these are not subsidised commodities, they are deregulated commodities so actually, it is not within the purview of the government to intervene in the price”, he noted.