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Minister of State for Petroleum, Timipre Sylva, on Monday said Nigerians would soon get used to hike in price of fuel.
Sylva also said petrol price would always increase whenever oil rate had gone up.
He spoke in an interview with State House correspondents after a meeting he had with the President, Muhammadu Buhari, at the Presidential Villa, Abuja.
He said, “Petrol is refined from crude oil, so petrol price is directly related to the price of crude oil in the market.
The minister said because of deregulation, the government was not longer in the business of fixing fuel price.
He further said, “Just take the example of our production levels; our crude oil production level was over two million barrels a day. Today, to comply with OPEC cut and quota, we have reduced production to 1.4 million barrels.
“Having reduced production to 1.4 million barrels, crude oil is also not selling at an optimal rate. Where do you get the money to continue to subsidise?
It is very clear that today; things are not as they were before. The earnings of government has reduced by 60 percent and what is happening in the oil sector reflect what is happening elsewhere.
“I believe that at this point, we are still trying to cross the first buck. We will get there; we will get used to it as Nigerians
