President Muhammadu Buhari, has asked Nigerians to expect a further increase in the price of petrol, stating that people would pay more as soon as the price of crude oil in the international market recovers.

The president 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: “The COVID-19 pandemic, which has affected economies globally, has compelled us to make some far-reaching adjustments that may cause some initial pain, but which is necessary for long-term gains.

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.”