President Muhammadu Buhari made this known at the First Year Ministerial Performance Review Retreat at State House Conference Centre, Abuja, on Monday, September 7, 2020.
Speaking through his representative, Vice-President Yemi Osinbajo, the president said:
As you all know, when oil prices collapsed at the height of the global lock-down, we deregulated the price of premium motor spirit, PMS, such that the benefit of lower prices was passed to consumers.
This was welcome by all and sundry. The effect of regulation though is that PMS prices will change with changes in global oil prices. This means, quite regrettably, that as oil prices recover, we would see some increases in PMS prices.”
Posted: at | |