FG Blames Marketers’ Profiteering For Petrol Price Hike

The Federal Government has blamed the high cost of petroleum products in some parts of the country on marketers who now engage in profiteering.

The Minister of State for Petroleum Resources, Timipre Sylva disclosed this to State house correspondents after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Council Chamber on Wednesday.

The minister maintained that petroleum products are not in short supply but the challenge, he noted, is the distribution of the products, a problem he said the government is working to resolve.

In a question and answer session, the minister noted that the Nigerian National Petroleum Company (NNPC) Limited has agreed to work with the Independent National Electoral Commission (INEC) to ensure adequate provision of petroleum products during the exercise.

Sylva also announced that FEC approved the award of contract for the construction of the Oloibiri Oil Museum and Research Centre to Messrs Julius Berger Plc, at the sum of 117 billion naira, a 300-month contract he said will be a major legacy of the President in the Niger Delta area.