Fuel Price Set to Skyrocket to N300 Following the Signing of PIB into Law

• The Federal Government may be set to completely remove the subsidy on fuel after President Buhari signed the Petroleum Industry Bill into law on Monday

• If market forces are allowed to dictate the fuel price in the new bill, it is expected that it may skyrocket to as much as N300

• Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has stated that a new price that will reflect the realities of the market is likely to be selected

Indications that recently emerged has suggested that Nigerians could be set to pay as much as N300 for fuel.

This is coming after it was announced that President Muhammadu Buhari had signed the Petroleum Industry Bill (PIB) on Monday.

An aide to the president, Femi Adesina said that the president signed the bill into law while quarantining for COVID 19 after returning from the United Kingdom.

What does the Petroleum Industry Bill mean?

The latest bill signed into law by the president means that fuel price in Nigeria will now be determined by market forces.

Upon implementation of the law, the price of petrol could skyrocket as high as N300 from around N165, which is the current pump price.

Comments by the Minister of State, Petroleum Resources, Mr Timipre Sylva has suggested that the era of fuel subsidy in Nigeria has come to an end.

Mele, Kyari Managing Director of the Nigerian National Petroleum Corporation (NNPC) also stated that the new pump price will reflect the current condition of the market.

According to The Punch, a top government official has disclosed that will announce a new direction for fuel subsidy at a conference today.