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However, the Minister of State, Petroleum Resources, Chief Timipre Sylva, at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) in Abuja on Tuesday said Nigerians should brace up for higher fuel price. The NUCOP launch was to find ways of reducing the cost of crude oil production and processing, officials said. Sylva also said with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) couldn’t continue to bear the cost of under-recovery. “Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60. As desirable as this is, this has serious consequences as well on product prices.

Nigeria generalAbuja federal capital territoryAkwa ibomAyuba wabbaTimipre sylvaAbdulrasheed olapadeFrancisa iloaniUsman dankakaMele kolo kyariChinedu okonkwoQuadri olaleyeAlhaji ahmed bobboiPeter effiongZakariyya adaramolaEmmanuel ugboajaMichael abiodun