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We can’t do anything about soaring prices of diesel, aviation fuel – FG

The Federal Government says it’s no power to address and control the rising cost of diesel and aviation fuel in the country.

Minister of State Petroleum Resources, Chief Timipre Sylva, made this known on Monday in Abuja.

The prices of diesel and aviation fuel have skyrocketed in recent months leading to increase in cost of doing business and flight ticket fares which have in turn crippled the economy.

Speaking on the development, Sylva said the federal government can’t intervene in the rising price of diesel and aviation fuel as the prices for both products are deregulated.

He explained that the prices of both products, which are imported, are being impacted by foreign exchange rate.

“So, it is not within the purview of the government to fix the prices at all. And of course, the actual issue is also the foreign exchange. People cannot access foreign exchange to import this. For the time being, NNPC has been the main importer of this product but what we are trying to do is to democratise the importation so that the aviation fuel users themselves should be able to access foreign exchange and be able to import this product.

“It’s not a supply issue at all. It’s just a global problem. You know that the problem in Ukraine and Russia has actually exacerbated the rise in prices; it is not in Nigeria alone. The high cost of diesel is also because of the same reason and these are not subsidised commodities, they are deregulated commodities so actually, it is not within the purview of the government to intervene in the price,” Sylva said.

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