Skip to main content

Nigerian Government Links Increase In Petrol Price To Pfizer’s COVID-19 Vaccine Breakthrough

The Nigerian Government has said that the recent increase in the pump price of Premium Motor Spirit also known as petrol is as a result of the announcement by an American pharmaceutical company, Pfizer, on its recent breakthrough in the fight against Coronavirus.

Recall that the Petroleum Products Marketing Company had announced a new ex-depot price of N155.17 for petrol.


See Also

Sahara Reporters

Petrol Price Increased To N168-N170 Per Litre

0 Comments

3 Days Ago


Ex-depot price is the price marketers buy products from depot owners. 

An increase or decrease in ex-depot price has effect on the pump price of petrol.

Speaking with State House correspondents on Monday, Timipre Sylva, Minister of State for Petroleum Resources, said the announcement of a COVID-19 vaccine by Pfizer triggered a slight increase in the price of crude oil in the global market.

Sylva said, “What happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer. With that, crude oil prices went up a little bit.

“If you have been following crude oil prices, you would have seen that crude oil prices went up a little bit as a result of this announcement.

“So, when crude oil prices go up a little bit, then you will see that (it will) instantly reflect on the price of petrol, which is a derivative of crude oil.”

Pfizer and BioNTech had on November 10 announced that a vaccine they jointly developed was 90 per cent effective in preventing COVID-19 infections in ongoing phase three trials.

The message of hope instantly drew applause from the world audience, bringing the United States President, Donald Trump, and the President-elect, Joe Biden, to their first convergence in recent months, as both congratulated Pfizer on its scientific trial.

President Muhammadu Buhari also waded in, welcoming the development and expressing hope that the vaccine would be available for all when it finally hits the market.

America’s Pfizer and its German partner, BioNTech, will produce 1.3 billion doses of the vaccines for 650 million people by the end of 2021.

Oil

PUBLIC HEALTH

News

AddThis

: 

Original Author

: 

SaharaReporters, New York

Disable advertisements

: 

from 24HRSNEWS
via 24HRSNEWS



from EDUPEDIA247https://ift.tt/3kD3Dcr
via EDUPEDIA

Comments

Post a Comment

Popular posts from this blog

The beautiful model Christina Evangeline: age, ethnicity, net worth, husband, baby

The art of modelling is more than merely putting on designer clothes and hitting the runway. It requires a lot of effort, self-care, determination, and an energetic spirit. Christina Evangeline, who is very attractive and beautiful, is a model who dedicated all her energy into this esteemed career. Fame and plenty of public attention came with her job, and she continues to show young women that success does not come overnight. It requires hard work and passion! Image: instagram.com, @yoevangeline Source: Instagram Who is Christina Evangeline ? According to the Christina Evangeline biography, she is a model who is best known for being Kenan Thompson’s wife. Christina was born on the 24th of March 1989 in the United States of America. Currently, Christina Evangeline age is 30 years. Her nationality is American, and she identifies herself as a Christian. Christina Evangeline ethnicity is White, and her Zodiac sign is Aries. Christina Evangeline race is Caucasian. Details of her paren...
Post a Comment
Read more

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

  A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja.  Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...
Post a Comment
Read more

“An Investigation into the Challenges of IFRS Adoption and Implementation amongst small and medium scale Enterprises in Nigeria” DEPARTMENT OF ACCOUNTING 88PAGES

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY The fast pace of globalization with integration of national financial markets has stimulated the need for a common financial language (IFRS) because good financial reporting makes investment and financial decisions more efficient . Small and medium scale enterprises are the engine that drives most economies of the world. Their importance to the economy of Nigeria cannot be overlooked. SMEs activities-both international and local have contributed immensely to the gross domestic product in the economy as they participate in manufacturing, importation, exportation, employment etc. According to Gono (2013), SMEs contribute to output and employment creation and they are also a nursery for the larger firms of the future. The most successful developing country over the last 50 years, Taiwan is built on a dynamic SME sector. Small and medium enterprises (SMEs) have played a significant role in Taiwan‟s economic development in expandi...
Post a Comment
Read more