FG still subsidising petrol price, says Sylva

Minister of State for Petroleum Resources, Timipre Sylva

The Federal Government (FG), on Monday, said it is still subsidising petrol despite recent increase in pump price from government-regulated N165 per litre to N174-N215 per litre.

This was even as it blamed the recent hike on petroleum marketers.

The Minister of State Petroleum Resources, Chief Timipre Sylva, stated this at a stakeholders’ consultation forum on regulations organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA) in Abuja.

He said the government was yet to deregulate, adding that any increase in price should be blamed on marketers.

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

” lIt’s probably from the marketers but of course I will talk to the Authority to ensure that they actually regulate the price. This is not from the government, we have not deregulated.”

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While also speaking on the new regulations being considered for the industry, he said the new regulation would clear up the sector for investments and opportunities.

“This administration understands the need to have an all-encompassing, well thought out and unambiguous regulatory instrument that is painstakingly developed to meet present and future aspirations of government.

“This is required to attract much needed investments and create opportunities in the sector. Hence the need for stakeholders participation and engagement developing the regulations, processes and procedures”, he stated.

He further explained that the regulations

provide clarity and certainty for investors, promote and build investor confidence, increase and improve foreign and indigenous participation in these sectors.

Earlier, the Authority Chief Executive, Engr Farouk Ahmed, explained that the consultation was in line with the mandate of the Petroleum Industry Act, PIA 2021 which ordered that stakeholders must be consulted before any regulations are made.

According to him, the new regulations address issues like petroleum transportation and shipment, licenses and permits, gas pricing for domestic market, gas pipeline tariff, the environment, as well as the gas infrastructure fund amongst others.

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