The Federal Government has said the pump price of petrol
will remain N162 per litre, until it reaches an agreement with the Organised
Labour 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.
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