The Minister of State for Petroleum, Timipre Sylva has disclosed during an event in Ibadan Oyo State that petrol price across Nigeria will soon be fully de-regularised as he advises Nigerians to prepare for full deregulation of the Petroleum industry.
The Minister, Timipre Sylva said this while speaking at the University of Ibadan during the opening of the 56th Annual International Conference and Exhibition of the Nigeria Mining and Geoscience Society (NMGS), Sylva stated that petrol pricing will be fully deregulated before the end of the year 2021.
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The Minister added that the Buhari-led administration wants to give Nigerians a credible and cheaper fuel as an alternative before the full deregulation.
The Former Bayelsa State Governor Timipre Sylva said;
“We have been talking about deregulation for decades. Unfortunately, we have not succeeded. We have succeeded in deregulating some products.
“Kerosene has been fully deregulated; diesel has been fully deregulated. But deregulation of PMS (petrol) has continued to elude us. We expect that this year, we will be able to achieve that.
“But, before we do that, we want to apply the principle of tolling the roads. Before you toll a road, you are expected to give an alternative.
“So, what we want to do for Nigerians is to give a credible and cheaper fuel as an alternative before we fully deregulate and we believe we will be able to achieve this later this year.
“And this, of course, is going to be a responsible way of also maintaining our environment.”
Photo Credit: Getty