The Federal Government has attributed the high price of petroleum products in several parts of the country to current profiteering by marketers.
After the Federal Executive Council (FEC) meeting on Wednesday, which was presided over by President Muhammadu Buhari in the Council Chamber, Timipre Sylva, the minister of state for petroleum resources, revealed this to State House correspondents.
The minister insisted that there is no shortage of petroleum products; rather, the distribution of the items is a barrier, which the government is striving to address.
During a question-and-answer session, the minister mentioned that the Nigerian National Petroleum Company (NNPC) Limited has consented to cooperate with the Independent National Electoral Commission (INEC) to guarantee adequate petroleum product supply during the exercise.
Sylva also announced that FEC approved the award of contract for the construction of the Oloibiri Oil Museum and Research Centre to Messrs Julius Berger Plc, at the sum of 117 billion naira, a 300-month contract he said will be a major legacy of the President in the Niger Delta area.