Breaking: Petroleum Industry Act: FG retains N162 as petrol pump price

…Both labour and us have agreed on the process of putting the Infrastructure and the process in place. And once we are able to agree on that process with labour, then we are ready to deregulate

Amid speculation of possible raise of petrol pump price to about N300 following presidential assent given to Petroleum Industry Bill, the Federal Government says the N162 petrol pump price will remain for now.

It said there would not be any raise or adjustment until an agreement is reached with the Organised Labour for the full deregulation of the downstream petroleum sector.

Addressing reporters in Abuja on Tuesday, the Minister of State for Petroleum, Chief Timipre Sylva, said there was no going back on deregulation.

“There is a consensus that the Federal Government should deregulate the sector. It is now constitutional for Nigeria to deregulate the oil and gas sector.

“We have agreed between labour and us that we need to put a framework in place for the implementation of deregulation.

“More or less there is a consensus across the table now that deregulation is desirable. But how do we achieve it? That is the question now.

“Both labour and us have agreed on the process of putting the Infrastructure and the process in place. And once we are able to agree on that process with labour, then we are ready to deregulate.

“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.

“Because right now we don’t even have a choice any more. It is a matter of law. But we have to ensure that this happens. We have to ensure that the ordinary Nigeria is well catered for before that law is actually operated,” Persecondnews quotes the minister as saying.

On the likely date for the deregulation, Sylva : “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.”

The minister hinted that President Muhammadu Buhari is expected to address the nation on the Petroleum Industry Act on Wednesday, August 18.