Government set to quietly increase pump price of petrol to over 100 per litre

According to Premium Times, there are indications that the federal government is set to increase the price of petrol following the deregulation of the downstream sector of the Nigerian petroleum industry.


This is according to officials who hinted that the policy could push the price of petrol to 110 per litre at NNPC stations and higher at independent outlets.


Steps have been taking to forestall the backlash which greeted the 2012 increase by the Goodluck Jonathan administration, to this end, no formal announcement will be made and government appears to have successfully wooed organised labour and its affiliate unions to its side.

With full deregulation of the downstream sector, government withdraws subsidy while paving way for private marketers to enter the industry, under this scenario, the pump price of fuel is determined by market forces and governments acts only as a regulator.