Chief Timipre Sylva, who is the Minister of State for Petroleum Resources, has emphasized that the Federal Government is no longer control the pump price of petroleum products in the country.

Minister of State for Petroleum Resources, revealed this while speaking to newsmen today on the hike in the pump price of Premium Motor Spirit (PMS), also known as petrol, NAN reports.

Remember that the Petroleum Products Marketing Company (PPMC) had on Wednesday announced a new ex- depot price of 151.56 per litre of petrol.

Ex-depot price is the price marketers buy products from depot owners.

An higher or lower in ex-depot price has an effect on the pump price of petrol.

“Government is no longer in the business of fixing prices for petroleum products, we have stepped back.

“Our focus now is on protecting the interest of the consumers and making sure that marketers are not profiteering,” he said.

Sylva noted that it was unlucky that Nigerians were castigating the government, pains that the deregulation of the sector was essential for the economy.

Sylva disclosed that it was also an agreement among stakeholders for such a strong policy decision.

He also added that, the prosperity of Nigeria are the main focus of the government.

The minister said, “You all know that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor.

“Left for him, he will never allow an increase in pump price; for this to happen, it means that it is an inevitable decision.

“COVID-19 took the price of crude oil to zero zone."

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