FG Discloses When Petrol Price Will Be Increased


The Federal Government has cleared air on increasing fuel fuel price to ₦300/litre.

It said it had no plans to increase pump price for now as talks are still on going with Organised Labour for full deregulation of the downstream petroleum sector.

Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this on Tuesday while while addressing newsmen in Abuja.

He said pump price of petrol will remain N162 per litre, pending conclusion of talks with the organised labour.

According to Sylva, President Muhammadu Buhari will shed more light on the Petroleum Industry Bill (PIB) on Wednesday.

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He however noted it is now constitutional for Nigeria to deregulate the oil and gas sector.

“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,” Sylva said.

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