The Minister of Information and Culture, Lai Mohammed, has defended the decision of the government to increase the price of Premium Motor Spirit , also known as petrol.
The minister, however, believes if the price of crude drops again, the price of petrol will also drop and the benefits will also be passed on to the consumers. The minister stated that due to the problems with the largely-privatised electricity industry, the Federal Government has been supporting the sector.
With the price of crude inching up, the price of petrol locally is also bound to increase, hence the latest price of 162 Naira per litre. If perchance, the price of crude drops again, the price of petrol will also drop, and the benefits will also be passed on to the consumers. Even though we have acted to mitigate the effect of the economic slowdown by adopting an Economic Sustainability Plan, we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down.
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