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FG distances self from hike in petrol price, blames marketers

The Federal Government is not responsible for the increase in the price of petrol across the country as it still subsidises the product, Minister of State for Petroleum Resources, Timipre Sylva, has claimed.

Sylva, who was speaking at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations, said the marketers are most likely to blame.

“I can tell you authoritatively that we have not deregulated,” he said.

“The government is still subsidising. If there are increases in price, it is not from the government. It is probably from the marketers.

“But I will talk to the authorities to actually regulate the price. But this is not from the government. We have not deregulated.”

While the official pump price of the product is pegged at N165 per litre, many filling stations have been selling for as high as N180.

Meanwhile, petrol subsidy claims continue to skyrocket.

According to the Nigerian National Petroleum Corporation (NNPC) Limited, petrol subsidy claims reached N2.6 trillion in the first half of 2022, surpassing revenue generated from the sale of crude oil.

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