Why fuel price'll increase — Minister
*Says it'll rise by 8.2% as Bonny Light hits $59.46 per barrel *Be ready to bear pains of high petrol cost, FG tells Nigerians *Nigerians can’t take another hike – Labour Minister of State, Petroleum Resources, Chief Timipre Sylva , has stated the reason fuel price will increase, adding that crude oil price has rising above $60 per barrel. He urges Nigerians to be ready to bear the pains of the increase. Speaking at the official launch of Nigerian Upstream Cost Optimisation Programme in Abuja yesterday, Sylva said with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation, NNPC, cannot continue to bear the cost of under-recovery. At present, the pump price of petrol ranges from N160 –N165, the price band set when crude oil traded just above $43 per barrel four months ago. President of Nigeria Labour Congress, NLC, Ayuba Wabba, in a swift reaction yesterday, warned that Nigerians and businesses in the country would not be able to cope with an...