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FG Says It Has Not Removed Fuel Subsidy And Did Not Approve Price Increase

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The Federal Government of Nigeria has assured its citizens that it continues to subsidize fuel prices despite the ongoing fuel queues in the capital city. Chief Timipre Sylva, Minister of State for Petroleum Resources, said this on Monday 1st August 2022 in Abuja.

According to the News Agency of Nigeria, the minister further stated that the government is not to blame for any price increase. Speaking at the stakeholders’ consultation conference for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is reviewing laws for the industry’s midstream and downstream petroleum operations. The Minister said that the rise of marketers’ pump prices from N165 per litre to N169, N184, or N218 per litre in Abuja and other states is not authorized by the government.

“I can tell you authoritatively that we have not deregulated. The government is still subsidizing petrol prices. If there are price increases, it is not from the government.

 “It is probably from the marketers but I will talk to the authority to ensure that they actually regulate the price. This is not from the government; we have not deregulated. “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,” he said.There has been a slight increase in prices of fuel as witnessed in various filling stations. With the revelation of an unauthorized price hike by the minister and a call to action to address the grievances of the marketers’ association, there may be a change in the price of PMS soon. Also, the statement issued by the Minister of state for petroleum resources does not signify an interference in the prices of AGO/MGO.

Source:  Nairametrics, Newstimes

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