Minister of State, Petroleum Resources, Timipre Sylva has said Nigerians would bear the pains of increased petrol pump price as crude oil price rises above $60 per barrel.
He noted that with no provision for subsidy in the 2021 budget, Nigerian National Petroleum Corporation (NNPC), cannot continue to bear the cost of under-recovery.
“Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60.
“As desirable as this is, this has serious consequences as well on product prices. So we want to take the pleasure and we should as a country be ready to take the pain,” he said.
