Breaking: Buhari's Govt Gives Final Say on Increasing Petrol Price

Breaking: Buhari's Govt Gives Final Say on Increasing Petrol Price

  • At the moment, the federal government has no plan to increase the price of fuel until it deregulates the oil and gas sector
  • This was revealed on Tuesday, August 17, by the minister of state for petroleum resources, Tmipre Sylva
  • Sylva stated that the government will agree with the organised labour on when to implement the deregulation policy

Abuja - The federal government, through the minister of state for petroleum resources, Timipre Sylva, has insisted that at the moment, the price of petrol per liter is N162.

According to Sylva on Tuesday, August 17, in Abuja, the government is in talks with labour unions on the need to and constitutionality of implementing full deregulation of the oil and gas sector.

However, the minister said it is not certain the actual time when the policy will be put into action, The Nation reports.

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FG announces plan to scrap NNPC within 6 months, gives reason for decision

Buhari giving a speech in live broadcast
The minister said the date for the implementation of the policy is not yet known (Photo: Aso Rock Villa)
Source: Facebook

Based on this, Sylva stated that until the deregulation of the sector is fixed and made to start running, the price of the product remains untouched.

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His words:

“I cannot give you a timeline now. But it is not going to be too far 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.”

FG announces plan to scrap NNPC within 6 months, gives reason for decision

Meanwhile, the government, according to reports, intended to scrap the Nigerian National Petroleum Corporation (NNPC).

The group managing director of the NNPC, Mele Kyari, on Monday, August 16, said that the Nigerian-owned oil company will cease to exist within the next six months.

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He said a new company that will be known as a CAMA Company will be incorporated and operate under the Company Allied Matters.

He explained that by virtue of the Petroleum Industry Act, all liabilities and assets of the NNPC will be transferred to the new company.

He also noted that there will be a transition framework that would ensure the smooth shift from the present state to the new company as prescribed by the Act.

Source: Legit

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