Minister of State Petroleum Timipre Sylva has said Petrol pricing will be fully deregulated before end of this year.
The minister spoke this at the University of Ibadan during the opening of the 56th Annual International Conference and Exhibition of the Nigeria Mining and Geoscience Society.
Sylva said they have been talking about deregulation for decades. Unfortunately, they have not succeeded. They have succeeded in deregulating some products.
Minister of Labour and Employment, Dr. Chris Ngige, said the government had not tabled any pump price before the Labour, contrary to the claim that the government proposed a pump price of about N202 per litre to N206 per litre, which Labour rejected by insisting on N168 per litre.
It was learnt that the last time the two sides met, it was the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who presented some market indices to Labour.
Kyari was said to have put the landing cost at N202 per litre confirming speculations that the fuel price increase was inevitable.
The Petroleum Products Pricing Regulatory services Agency (PPPRA), at midnight last Thursday, published a new price of petrol.