The Trade Union Congress and the Academic Staff Union of Universities faulted the President , saying his regime should fulfil its promise to repair the country ’ s refineries .
Following the economic downturn caused by the COVID – 19 in March , the Federal Government deregulated the downstream sector of the nation’ s oil and gas sector, allowing petrol prices to be determined by market forces .
In March , the government reduced the pump price of petrol from N145 per litre to N125 per litre following the collapse of global oil prices .
But in the last three months, the pump price of petrol has increased . Last week , marketers adjusted their pump prices to between N 158 and N162 from N 148 to N150 in August .
Buhari , who was represented by Vice -President Yemi Osinbajo at ministerial retreat , said one of the effects of deregulation which his regime adopted at the beginning of the COVID – 19 lockdown in March and when global oil prices collapsed was that PMS prices would change with changes in global oil prices.
Explaining the increase in fuel price , Buhari said when global prices rose , it led to increase in the price of petrol locally.
The President said , “ There are several negative consequences if government should even attempt to go back to the business of fixing or subsidising the PMS price .
“ First of all , it would mean a return to the costly subsidy regime . Today , we have 60 per cent less revenue , we just cannot afford the cost .