Updated: Fuel Price May Soon Rise as NEC Reportedly Gives New Recommendation

Updated: Fuel Price May Soon Rise as NEC Reportedly Gives New Recommendation

  • The National Economic Council (NEC) has reportedly recommended an increase in the price of petrol to N302 per litre
  • The committee made the recommendation in line with the federal governments alleged move to deregulate the price and remove subsidy
  • Chaired by Vice President Yemi Osinbajo, the NEC said its recommendation will help the federal government save N250 billion per month
  • However, Laolu Akande, the vice president's spokesperson, has reacted to the alleged recommendation of fuel price hike

A report by TheCable has stated that the National Economic Council (NEC) has recommended an increase in the pump price of fuel in February 2022.

The newspaper said the NEC which is chaired by Vice President Yemi Osinbajo, made the recommendation in November 2021 that a litre of petrol should be N302.

Fuel Price May Soon Rise as NEC Recommends N302 per Litre by February 2022
An attendant dispenses fuel into a vehicle's tank at a fuel station in the Maryland district of Lagos, on September 8, 2020. Photo credit: PIUS UTOMI EKPEI/AFP
Source: Getty Images

It was gathered that the move was part of the federal government’s plan to fully deregulate the prices of petrol and eliminate monthly subsidy payments with provisions to ensure fair competition in the market.

Read also

National economic council reveals when FG will take final decision on subsidy removal

The recommendations were put forward by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria.

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The report was said to have been presented by Governor Nasir El-Rufai of Kaduna State and head of the Committee.

Petrol prices to be posted on websites, mobile app

The NEC also reportedly recommended that all retailers should post PMS prices at all times on a designated website and smartphone app.

With the recommendations, the committee added that the federal government would save N250 billion per month on petrol subsidy removal.

Petrol price currently sells between N162 and N165 per litre in the country.

VP Osinbajo's media aide reacts

Meanwhile, Vice President Osinbajo's spokesperson, Laolu Akande, has said the NEC did not resolve to recommend the increase of fuel price to N302 per litre.

Read also

Osinbajo-led National Economic Council denies reports it recommended fuel to sell at N302 per litre

Akande said in in Twitter post, reacting to a similar report by Sahara Reporters:

"While there are indeed ongoing discussions on the issue of fuel subsidy, at no time has NEC made any such resolution as this report claims."

Note that this report was updated to reflect the reaction of the vice president's media aide.

Senate president Lawan reveals Buhari's stance on removal of petrol subsidy

Meanwhile, Senate President Ahmed Lawan has said President Muhammadu Buhari did not direct anyone in his administration to implement the removal of petroleum subsidy.

Lawan said this after meeting with Buhari at the Presidential Villa in Abuja on Tuesday, January 18.

The Senate president said he told President Buhari about the feelings and concerns of his constituents on critical issues, including the proposed removal of subsidy. He added that he raised the issue with the president because lawmakers were worried about the agitations and protests around the country over the move to end petrol subsidy.

Source: Legit.ng

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