The federal government has not fully deregulated the petroleum sector and should it do so, Nigerians would be paying about N183 per litre for petrol, an official said Tuesday.
The Minister of State for Petroleum, Timipre Sylva, said this at a meeting in Abuja between a government delegation and labour leaders over the recent increase in the price of petrol..
Edujandon.com reported how petrol prices rose from about N145 per litre to about N160 per litre across Nigeria with the government saying the increase was due to the deregulation of the downstream sector and the removal of subsidy on petrol.
However, on Tuesday, Mr Sylva sang a different tune. He said the government only partially deregulated the sector and a full deregulation would have led to further price increase.
“Why have we kept it at N161? Frankly speaking, let us face it and this is what I will tell you. One of the things that the president considered; he said if you take it to the full scale of deregulation, today, prices should have been around N183 because you all know this.”
The minister said government’s current intervention was in the purchase of foreign exchange for the importation of petrol. He said importers, mainly the NNPC and its subsidiaries, were still buying dollars from the government at about N391 to a dollar contrary to the prevailing market price of about N450.
Speaking on why government partially deregulated the sector, the minister said the government was spending too much on subsidy.
“The federal government spent N10.4 trillion on petrol subsidy between 2016 and 2019, while the country was losing N1 billion daily to fuel subsidy between 2016-2019,” he said
BREAKING: Kairo market, Oshodi on fire (Video)
Hazard issues apology for laughing with Chelsea players after Real Madrid’s Champions League exit
Nigerian Lady Pens Down Love Letter To Her Fiancee
EUROPA: Unai Emery’s Villarreal edge past Arsenal to book final spot against Man United
“Why I Quit Secular Music For Gospel Music” – Artist Chidinma Ekile
Davido declares Chioma’s son, Ifeanyi as his ‘heir apparent’
“Ignore him, he’s an ingrate” – Eedris Abdulkareem fires back at Timaya
Gov. Sanwo-Olu hosts Ikorodu Bois, says ‘We are proud of you’
- News2 days ago
Woman Enters World Record After Giving Birth To 9 Children At Once
- Entertainment15 hours ago
‘I Am N48 Million Richer’ – Peter Okoye Happy After Winning A Bet Following Chelsea’s UCL Victory
- News1 day ago
We paid N.8m to someone Gumi introduced us to – Parent of kidnapped Kaduna student
- Politics1 day ago
11 years on: We wanted a peaceful, united nation, Goodluck Jonathan pays tribute to former president Yar’Adua