The Federal Government says petrol will still sell at between N162 and N165 per litre despite the signing of the Petroleum Industry Bill (PIB) into law.
President Muhammadu Buhari on Monday assented to the PIB passed by the National Assembly in July, thereby giving legal backing to full deregulation of the oil sector, with oil marketers having the power to fix prices based on market forces.
However, the Minister of State for Petroleum Resources Timipre Sylva on Tuesday said fuel price still remained N162 per litre as there would be no immediate implementation of the aspect that covers fuel price deregulation.
“No fuel price at least for now. We are starting the implementation of that aspect (deregulation) now. We would do that only when we have put many things in places to cushion the effects on Nigerians,’’ he said.
The minister admitted that full deregulation would bring hardship and sufferings for Nigerians, but he said “that is the best thing to do.’’
He said the Governors’ Forum was agitating for full deregulation because they knew that was the only way they could get more allocations for capital projects.
He said continuing to subsidy fuel price in the country was “like cutting our faces to spite our noses”.
On the hike in prices of cooking gas, Sylva said the federal government would meet with gas suppliers in the country, and find ways to bring the prices down.
