The National Economic Council (NEC) has reportedly recommended an increase in the price of petrol to N302 per litre The committee made the recommendation in line with the federal governments alleged move to deregulate the price and remove subsidy Chaired by Vice President Yemi Osinbajo, the NEC said its recommendation will help the federal government save N250 billion per month .


The NEC also reportedly recommended that all retailers should post PMS prices at all times on a designated website and smartphone app. With the recommendations, the committee added that the federal government would save N250 billion per month on petrol subsidy removal. Petrol price currently sells between N162 and N165 per litre in the country.