FG still subsidizes gas prices, says Sylva
The Federal Government (FG) on Monday said it was continuing to subsidize petrol despite the recent increase in the price at the pump from government-regulated N165 per liter to N174-N215 by litre.
That was even as he blamed the recent rise on oil traders.
State Petroleum Resources Minister, Chief Timipre Sylva said this at a regulatory stakeholder consultation forum hosted by the Nigerian Petroleum Regulatory Authority Intermediate and Downstream (NMDPRA) in Abuja.
He said the government had not yet deregulated, adding that any price increases should be blamed on traders.
He said, "I can tell you with authority that we haven't deregulated. The government is still subsidizing (petrol prices). If there are price increases, that's is not from the government.
"It's probably coming from the traders, but of course I'll talk to the Authority to make sure they actually regulate the price. It's not from the government, we haven't deregulated . »
While also talking about the new regulations being considered for the industry, he said that the new regulations would clear up the sector for investments and opportunities.
"This administration understands the need for a comprehensive, well-thought-out, and unambiguous regulatory instrument that is painstakingly developed to meet the government's current and future aspirations.
“This is necessary to attract much-needed investment and create opportunities in the sector. Hence the need for stakeholder participation and engagement in the development of regulations, processes and procedures,” he said.
He further explained that the settlement
provide clarity and certainty to investors, promote and build investor confidence, increase and improve foreign and indigenous participation in these sectors.
Earlier, the Chief Executive of the Authority, Engineer Farouk Ahmed, explained that the consultation was in line with the mandate of the Petroleum Industry Act, PIA 2021, which ordered that stakeholders are consulted prior to any regulation.
According to him, the new regulations address issues such as transportation and shipping of oil, licenses and permits, gas pricing for the domestic market, gas pipeline tariff, environment , as well as the gas infrastructure fund, among others.
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The Federal Government (FG) on Monday said it was continuing to subsidize petrol despite the recent increase in the price at the pump from government-regulated N165 per liter to N174-N215 by litre.
That was even as he blamed the recent rise on oil traders.
State Petroleum Resources Minister, Chief Timipre Sylva said this at a regulatory stakeholder consultation forum hosted by the Nigerian Petroleum Regulatory Authority Intermediate and Downstream (NMDPRA) in Abuja.
He said the government had not yet deregulated, adding that any price increases should be blamed on traders.
He said, "I can tell you with authority that we haven't deregulated. The government is still subsidizing (petrol prices). If there are price increases, that's is not from the government.
"It's probably coming from the traders, but of course I'll talk to the Authority to make sure they actually regulate the price. It's not from the government, we haven't deregulated . »
While also talking about the new regulations being considered for the industry, he said that the new regulations would clear up the sector for investments and opportunities.
"This administration understands the need for a comprehensive, well-thought-out, and unambiguous regulatory instrument that is painstakingly developed to meet the government's current and future aspirations.
“This is necessary to attract much-needed investment and create opportunities in the sector. Hence the need for stakeholder participation and engagement in the development of regulations, processes and procedures,” he said.
He further explained that the settlement
provide clarity and certainty to investors, promote and build investor confidence, increase and improve foreign and indigenous participation in these sectors.
Earlier, the Chief Executive of the Authority, Engineer Farouk Ahmed, explained that the consultation was in line with the mandate of the Petroleum Industry Act, PIA 2021, which ordered that stakeholders are consulted prior to any regulation.
According to him, the new regulations address issues such as transportation and shipping of oil, licenses and permits, gas pricing for the domestic market, gas pipeline tariff, environment , as well as the gas infrastructure fund, among others.
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