President Mummahadu Buhari, says Nigerians would see more increase in Premium Motor Spirit (PMS), due to the impact of the COVID-19 pandemic.
President Buhari who was represented by his Vice, Yemi Osinbajo made this known at the First Year Ministerial Performance Review Retreat in Abuja.
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.
“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,” he added.
