Emerging report indicates that Nigerians will soon start buying petrol at an official pump price of N300 per litre.
The Minister of State for Petroleum Resources, Timipre Sylva, made this known on Tuesday, while speaking with Reporters, in Abuja.
He noted however, that the pump price of petrol will remain N162 per litre, until the Federal Government reaches an agreement with the Organised Labour for full deregulation of the downstream Petroleum sector.
According to him, the substantive Minister of Petroleum Resources, President Muhammadu Buhari, will shed more light on the Petroleum Industry Bill, PIB, on Wednesday, at the weekly Federal Executive Council, FEC, meeting.
He also stated that it is now constitutional for Nigeria to deregulate the Oil and Gas sector.
His exact words: “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.”