Deregulation: N1tr subsidy payment saved — FG

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Minister of State, Petroleum Resources, Mr Timipre Sylva on Thursday said the Federal Government has saved over N1 trillion since it announced full deregulation in March. 

Sylva, who made the disclosure at a media briefing in Abuja urged Nigerians to endure the initial pain associated with the deregulation as it may lead to a hike in petrol price, since market forces now determine the price of products.

According to him, the government was already working on rolling out other options like Liquefied Natural Gas and other cheaper and cleaner fuel as alternative to petrol.

He also disclosed that the government would no longer release the usual monthly pricing template because it gives a semblance of regulation.

“What we have done is launch a complaint box where people can log in complaints. If you see any marketer selling beyond the normal prices, let us know. We’re now on the same page.

“We now police marketers and retailers to avoid profiteering to the detriment of consumers.

“On the National Gas Expansion Programme (NGEP), we will start with NNPC-owned filling stations across Nigeria, making it a national spread from next month. CNG, LPG, LNG, will be dispensed.

“Some privately owned stations have asked to be admitted into the programme.

Going forward, DPR will ask filling stations to upgrade and sell these new alternatives or their license won’t be renewed. It’ll go very fast and within a short time, it’ll be everywhere. It is expected to produce lots of jobs. There will be conversion kits everywhere. Soon, it will be everywhere. Later on, those who buy cars will buy those that can use gas and petrol or gas alone. Those in keke are already enjoying it and they want it. This is a year of gas”, Sylva said.

The Minister also noted that once the Petroleum Industry Bill is passed, agencies like the PPPRA and the Petroleum Equalization Fund will be merged one body called the authority.

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