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Deregulation: FG blames marketers for petrol price hike

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The Federal Government Monday insisted that it has not removed subsidy on petrol, saying any price increase may have come from petroleum marketers.

The Minister of State Petroleum Resources, Chief Timipre Sylva told journalists in Abuja at a stakeholders’ consultation forum on regulations organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, that the government still pays subsidies on petrol.

His comments came a month after petrol marketers including government-owned NNPC Limited raised the petrol pump price from government-regulated N165 per litre to N174-N215 per litre.

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