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Fri, Mar

Government Promises To Retain N162 Petrol Price Until Agreement With Labour

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The Federal Government yesterday, said the pump price of petrol will remain N162 per litre, until a feasible framework is developed and until it reaches an agreement with the Organised Labour for full deregulation of the downstream petroleum sector. This is contrary to expectations that the signing of the Petroleum Industry Act (PIA) would automatically commence the deregulation of the downstream sector, especially the removal of subsidy. Minister of State for Petroleum Resources, Chief Timipre Sylva, who stated this on Tuesday while speaking with reporters in Abuja, said there is a consensus that the Federal Government should deregulate the sector. He revealed that President Muhammadu Buhari will speak on the Petroleum Industry Bill (PIB) on Wednesday. According to him, it is now constitutional for Nigeria to deregulate the oil and gas sector.

“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 anymore. It is a matter of law. But we have to ensure that this happens. We have to ensure that the ordinary Nigerian is well catered for before that law is actually operated.”

“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.

“But 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.

He also said, the Vice President, Yemi Osinbajo is actually leading in that process.

 

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