• Oil & Gas - News
  • Updated: February 08, 2023

FG Attributes Rise In Petrol Prices To Marketers' Profiteering

FG Attributes Rise In Petrol Prices To Marketers' Profiteeri

The Federal Government has attributed the high price of petroleum products in several regions of the nation to current profiteering by marketers.

The information was provided to State House reporters by Minister of State for Petroleum Resources Timipre Sylva following the Federal Executive Council (FEC) meeting on Wednesday, which was presided over by President Muhammadu Buhari in the Council Chamber.

The minister insisted that there is no shortage of petroleum products; rather, the issue, as he pointed out, is their distribution, which the government is attempting to address.

The Nigerian National Petroleum Company (NNPC) Limited has agreed to work with the Independent National Electoral Commission (INEC) to ensure adequate provision of petroleum products throughout the exercise, the minister said during a question-and-answer session.

In addition, Sylva stated that the FEC had approved the contract for the construction of the Oloibiri Oil Museum and Research Centre, valued at 117 billion naira, to be awarded to Messrs Julius Berger Plc.

Sylva claimed that this 300-month contract will be a significant legacy for the President in the Niger Delta region.

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