The Minister of State for Petroleum Resources, Chief Timipre Sylva, has reiterated the Federal Government is no longer fixing the pump price of petroleum products in the country.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/NBBSPIDEL.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
Sylva made this known while briefing newsmen on the increase in the pump price of Premium Motor Spirt (PMS), also known as petrol.
The Petroleum Products Marketing Company (PPMC) had on Wednesday announced a new Ex-depot price of N151.56 for petrol.
Ex-depot price is the price marketers buy products from depot owners.
An increase or decrease in ex-depot price has 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 said it was unfortunate that people were blaming government, noting that the deregulation of the sector was imperative for the economy.
He said it was also a consensus among stakeholders for such strong policy direction.
According to him, the well-being of Nigeria remains paramount to government.
“You all know that that President Muhammadu Buhari aligns with ordinary Nigerians, especially the poor.
“Left for him, he will never allow 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,” the minister said.
He said that government cannot fund subsidy, hence would not adopt that as an option, noting that current happenings were for the economic survival of the country.
Sylva said that government had cut crude production from two million barrels to 1.412 million barrels per day.
This, he said, was affecting revenue generation in the country.
He said that it was unfortunate the deregulation of the sector was politicised, urging Nigerians not to listen to any advocacy for subsidy payment.
“Deregulation will definitely come with few pains, but survival of the country is paramount,” he said. (NAN)
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
_______________________________________________________________________
“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
