- The Federal Government (FG) has spoken on increasing petrol price to N300/litre.
EKOHOTBLOG reports that the Federal Government (FG) has said the pump price of Premium Motor Spirit (PMS), popularly called petrol, will remain N162 per litre until it reaches an agreement with the Organised Labour for full deregulation of the downstream petroleum sector.
This was made known by the Minister of State for Petroleum Resources, Timipre Sylva while speaking with newsmen in Abuja on Tuesday.
The minister stated that President Muhammadu Buhari will reveal more details on the Petroleum Industry Bill (PIB) on Wednesday (today).
READ ALSO: BREAKING: President Buhari Signs Petroleum Industry Bill 2021 Into Law
Sylva, however, said it is now constitutional for Nigeria to deregulate the oil and gas sector, saying, “I cannot give you a timeline now. But it is not going to be too long from now, because we have done quite a lot of extensive work.
“So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition,” the minister said.
EKOHOTBLOG had on Monday reported that President Buhari signed the controversial Petroleum Industry Bill 2021 into law while working from quarantine.
The Special Adviser to the President on Media and Publicity, Femi Adesina, who disclosed the development via a statement, stated that “the ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled”.
According to Adesina, “The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.”
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