Nigeria: FG to Hike Petrol Price January 1

The Federal Government yesterday disclosed that the current pump price of petrol would be adjusted upwards with effect from January 1, 2009.

However, it said the modalities of what will be the new price regime would be worked out by the organised labour and other stakeholders between now and the effective date.


Minister of State for Energy (Petroleum), Odein Ajumogobia, SAN who made the disclosure in Abuja, stated that the agreement between the Federal Government and organised labour unions that there would be no increase in the prices of petroleum products until June 2008, will elapse on June 24.

He however stated that government had extended the moratorium on the current N70 per litre pump price of petrol ahead of the expiration of the agreement between it and labour with an agreement in principle that the pump price will be adjusted by January 1, 2009.

Ajumogobia said in compliance with that agreement, President Umaru Yar’Adua had graciously accepted to leave the pump price untouched despite the high price of crude oil in the international market with its sprawling effects on food, transportation and other energy related services.

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