The Federal Government has explained the pump price of petrol will remain ₦162 per litre, until it reaches an agreement with the Organised Labour for full deregulation of the downstream petroleum sector.
Minister of State for Petroleum Resources, Chief Timipre Sylva, made this assertion on Tuesday while speaking with reporters in Abuja.
According to Sylva, President Muhammadu Buhari will shed more light on the Petroleum Industry Bill (PIB) on Wednesday.
He however noted it is now constitutional for Nigeria to deregulate the oil and gas sector.
‘I cannot give you a timeline now. But it is not going to be too long from now, because we have done quite a lot of extensive work.
‘So we will keep it here at ₦162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition,’ Sylva said.
AFRICA TODAY NEWS, NEW YORK