FG to increase petrol pump price

<p><strong>The <a href&equals;"http&colon;&sol;&sol;OpenLife&period;ng">Federal Government<&sol;a> may increase the pump price of <a href&equals;"http&colon;&sol;&sol;OpenLife&period;ng">Premium Motor Spirit &lpar;PMS<&sol;a>&rpar;&comma; better known as <a href&equals;"http&colon;&sol;&sol;OpenLife&period;ng">petrol<&sol;a>&comma; to N302 per litre in February 2022 as part of the recommendation of the <a href&equals;"http&colon;&sol;&sol;OpenLife&period;ng">National Economic Council &lpar;NEC&rpar;<&sol;a> in November 2021&period;<&sol;strong><&sol;p>&NewLine;<p>This is part of the government’s plan to fully deregulate the PMS prices&comma; eliminating monthly subsidy payments with provisions to ensure fair competition in the market&period;<&sol;p>&NewLine;<p>Petrol price is currently between N162 and N165 per litre in Nigeria&period;<&sol;p>&NewLine;<p>The recommendations were put forward by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation &lpar;NNPC&rpar; on the appropriate pricing of PMS in Nigeria&period; The report was presented by Nasir El-Rufai&comma; governor of Kaduna state and head of the committee&period;<&sol;p>&NewLine;<p>The committee was established last year by NEC headed by Vice-President Yemi Osinbajo to look into the dwindling revenues of states&period;<&sol;p>&NewLine;<p>Other members of the committee include Godwin Obaseki&comma; Kayode Fayemi&comma; and David Umahi&comma; governors of Edo&comma; Ekiti and Ebonyi states respectively&semi; as well as Godwin Emefiele&comma; governor of the Central Bank of Nigeria &lpar;CBN&rpar;&semi; and Mele Kyari&comma; group managing director of the Nigerian National Petroleum Corporation &lpar;NNPC&rpar;&semi; Zainab Ahmed&comma; minister of finance&comma; budget and national planning&period;<&sol;p>&NewLine;<p>Source&colon; TheCable<&sol;p>&NewLine;