Coronavirus fg still consulting on reduction of petroleum pump price sylva

It seems like you're referring to a news article or a statement made by the Minister of State for Petroleum Resources, Timipre Sylva, regarding the reduction of petroleum pump price in Nigeria amidst the COVID-19 pandemic.

To provide more context, the Nigerian government has been exploring ways to mitigate the economic impact of the pandemic, including reducing the pump price of petroleum products. The Minister of State for Petroleum Resources, Timipre Sylva, has been consulting with stakeholders to achieve this goal.

According to reports, the government is considering a reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, to alleviate the burden on Nigerians. The current pump price of petrol in Nigeria is around N162 per liter, and a reduction could lead to significant savings for consumers.

However, it's essential to note that any decision to reduce the pump price of petrol would need to be balanced against the need to ensure the sustainability of the country's petroleum sector. The government would need to consider factors such as the cost of production, the impact on revenue, and the potential effects on the economy.

It's also important to recognize that the COVID-19 pandemic has had a significant impact on the global economy, including the oil market. The pandemic has led to a decline in global demand for oil, which has resulted in a surplus of oil supply and downward pressure on prices.

In conclusion, the consultation on reducing the petroleum pump price in Nigeria is an ongoing process, and any decision would need to be carefully considered to ensure the best interests of the country and its citizens.