Nigeria Removes Fuel Subsidy

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ALAS, the Nigerian government has removed subsidy from sale of Premium Motor Spirit, PMS, also known as petrol with immediate effect. Sources at the Nigerian National Petroleum Corporation confirmed the new price to Realnews but added that it should talk to officials of the Petroleum Products Pricing Regulatory Agency, PPPRA, who are in charge of setting the prices. The new price is pegged at N145 per litre of petrol.

With this development, petroleum marketers will now be free to import and sell petrol at a price that will cover their cost.

The decision of the government to set aside the subsidy is coming after more than two months of perennial fuel shortage in the country, leading to long queues at the filling stations. This has caused a lot of hardship to motorists who spend hours at the stations to fuel their cars. It has also affected the prices of goods and services in the country.

It is envisaged that the new official price will still affect the prices of goods and services with inflation which is already double digit spiking further. But the silver lining is that the product will be available thus ending the era of motorists sleeping at the filling stations to buy fuel.

Please find below the text of Ibe Kachikwu, minister of state for petroleum resources.

PRESS STATEMENT ON CURRENT FUEL SITUATION

— May 11, 2016 @ 18:56

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