FG Reveals When Fuel Price Will Be Increased

• The Federal Government has revealed when the price of fuel will be increased in the country.

EKO HOT BLOG reports that fuel subsidy in Nigeria will end when President Muhammadu Buhari signs the Petroleum Industry Bill (PIB).

The Minister of State for Petroleum Resources, Timipre Sylva, made the disclosure while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja on Monday.

The minister said it was best for Nigeria that the Federal Government ends subsidy on petrol, stressing that the recently passed PIB had no provision for subsidy.

Sylva added that PIB will ensure petroleum products will be sold at market-determined prices.

He said, “This (subsidy removal) is desirable for the interest and growth of Nigeria. Of course, everybody will have their perspectives, but from where I sit, I believe that subsidy removal is the best thing for Nigeria, not just the industry.

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“So far, the discussions with stakeholders are still ongoing. But I will also bring it to your attention that today, when the President assents to the PIB, subsidy will become a matter of law because it is already in the PIB that petroleum products will be sold at market-determined prices,” the minister stated.

EKO HOT BLOG recalls that the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, had insisted that the inability to find a suitable price for petrol was the reason behind the continuation of the subsidy scheme.

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