The possibility of an increase in the pump price of Premium Motor Spirit (PMS), otherwise called petrol, in June has been made clear by the National Economic Council (NEC).
This is so as NEC has revealed that any decision on the removal of petrol subsidy will be taken in June when the provision for its payment in the 2022 budget expires.
NEC said the Nigerian National Petroleum Corporation (NNPC) must be run differently since it is now a Limited Liability Company.
The Governor of Nasarawa State, Abdulahi Sule, provided the information on Thursday, while responding to questions from State House correspondents on the outcome of the meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
He said it was understandable that the provision for the payment of the subsidy is made in the 2022 budget only until June.
Governor Sule, who was joined at the post-NEC press briefing by his Edo State counterpart, Godwin Obaseki, said the National Economic Council was yet to take a position on the subject despite series of deliberations on the matter.
Obaseki, while reacting to questions, said petrol, which sells for N162-165 per liter in Nigeria, sells a hundred percent higher in other countries.
He said the federal government was spending about N2 trillion on petroleum subsidy, an amount he said could have been used for other purposes.
According to him, NEC therefore wondered whether that should be allowed to continue, given that only two thirds of the states of the federation benefit from the subsidy.