Why Nigerian Government is still subsidising petrol prices: Minister

*’I can tell you authoritatively, we have not deregulated. The government is still subsidising petrol prices,’ says Timipre Sylva, Minister of State for Petroleum Resources

Alexander Davis | ConsumerConnect

Contrary to the widespread assumption about full deregulation of the downstream sector by cross-sections of energy consumers, the Federal Government of Nigeria has clarified that it has not removed subsidies on the Premium Motor Spirit (PMS), otherwise known as petrol.

ConsumerConnect reports H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, stated this while speaking with reporters Monday, August 1, 2022, in Abuja, FCT.

The Minister said this on the sidelines of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations.

Government not responsible for price increment’

Sylva especially reacted to the increase in pump price of petroleum products,purportedly induced by marketers from N165 per litre to N169, N184 and N218 per litre, depending on the area across the states.

He said: “I can tell you authoritatively, we have not deregulated. The government is still subsidising petrol prices. If there are increases in price, it’s not from the government.

“It is probably from the marketers, but of course, I will talk to the authorities to ensure that they actually regulate the price. This isn’t from the government, we’ve not deregulated.”

The Minister further stated: “But a lot is going on to ensure that the queues end.

“As of yesterday, I noticed that the queues in Abuja are easing off.”

Report indicates there was fuel scarcity recently in Abuja, and several other cities across the country.

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