FG clears air on increasing fuel price to N300/litre

The Federal Government has said the pump price of petrol will remain N162 per litre, until it reaches an agreement with the Organized Labor for full deregulation of the downstream petroleum sector.

Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this on Tuesday while speaking with reporters in Abuja.

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

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.