Nigerian governors recommend oil price increase to N385-N408
Nigerian governors have recommended an increase in the pump price of petrol from the current price to not less than N385 – N408 per litre.
It is understood that the price increase is part of recommendations by a committee headed by Kaduna State Governor, Nasir El-Rufai which was set up by the Nigeria Governors’ Forum (NGF).
The six-man committee was set up to review the pump price of petrol in the country.
The governors gave the recommendation at its 30th teleconference meeting which held on Wednesday according to a communique released after the meeting by NGF Chairman, Ekiti State Governor, Kayode Fayemi.
The governors are expected to make their recommendation to the National Economic Council headed by Vice-president Yemi Osinbajo at a later date.
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While petrol currently sells for between N162 and N165 across the country, the governors by their recommendation, want the full deregulation of the petroleum sector.
The proposal if implemented will bring an end to the N70 billion to N210 billion the federal government estimatedly spends every month to keep the PMS price at N162/litre.
However, the Governors said the current situation is unsustainable and therefore recommend a full deregulation of the sector.
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To cushion the expected effect of the price increase, the governors also recommended the introduction of over 100 mass transit buses to the public.