Fuel subsidy policies in the Nigeria’s petroleum downstream sub-sector will remain in place till further notice.
Nigeria’s Minister of State for Petroleum Resources,Timipre Slyva, made this known in Abuja on Tuesday while giving an up-date on the implementation of the Petroleum Industry Bill (PIB).
Sylva also noted that the Nigerian National Petroleum Corporation (NNPC) would become a commercial company within six months.
These follow the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.
Sylva said a transitional committee is already in place to incorporate NNPC.
‘’All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance,” said Sylva.
The Minister noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
He said that an implementation framework for actual deregulation would be established to mitigate the impact on ordinary Nigerians.
