According to a report from Vanguard, the Federal Government of Nigeria is set to ratify the increase of the pump price of petrol to N130 per litre. The price will however remain the same at NNPC depots nationwide, the report said. Excerpt:
The Federal Government is set to commence partial deregulation of the downstream petroleum sector, allowing major and independent marketers to sell Premium Motor Spirit, PMS, also known as petrol, at prices convenient for them.
This came as Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the Federal Government was looking at privatising the nation’s refineries within the next 12 months.
The Federal Government, sources said, will, however, continue to regulate the price at which the product is sold at the Nigerian National Petroleum Corporation’s, NNPC, retail outlets due to the ease of accessing foreign exchange by the NNPC.