Editorial: Buhari’s Unclaimed Funds Trust Fund
Editorial: Buhari’s Unclaimed Funds Trust Fund
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Nigerian Government Says It Hasn’t Increased Fuel Price, Blames Oil Marketers For Hike

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The Minister of State for Petroleum Resources, Timipre Sylva, has blamed Nigerian oil marketers for the increase of fuel price across filling stations within the country, amid scarcity.

Sylva said the government hasn’t given approval for price increase, arguing that oil marketers are behind the current hike in retail stations, as Nigerians buy one litre of fuel between N170 to N175.

He said this during the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations.

The minister shift the blame on oil marketers despite the Nigerian National Petroleum Company (NNPC), operated by the Federal Government, also raising fuel price at its retail stations to N170 from the previous N165.

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With the pump price first hiked in late July by the private filling stations, Sylva insisted that the government is still regulating the oil industry, and the sector hasn’t been deregulated.

“Well, I can tell you authoritatively that we have not deregulated. The government is still subsidising, if there are increases in the price, it is not from the government, it is probably from the marketers.

“But, of course, I will talk to the NMDPRA’s chief executive to ensure that they regulate the prices. But this is not from the government because we have not deregulated.”

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