The federal government has announced the removal of subsidy on premium motor spirit (PMS), saying the pump price of petrol may trade at N145.
This is coming less than 24 hours after Ibe Kachikwu, minister of state for petroleum resources, announced that a new subsidy policy will soon be unveiled.
The development was attributed to the current fuel scarcity and supply difficulties in the country.
Kachikwu said in a statement in Abuja at the end of a meeting presided over by the Vice President Yemi Osinbajo that, “We share the pains of Nigerians but, as we have constantly said, the inherited difficulties of the past and the challenges of the current times imply that we must take difficult decisions on these sorts of critical national issues.
“Along with this decision, the federal government has in the 2016 budget made an unprecedented social protection provision to cushion the current challenges.
“The Petroleum Products Pricing Regulatory Agency (PPPRA) will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre.
“We expect that this new policy will lead to improved supply and competition and eventually drive down pump prices, as we have experienced with diesel. In addition, this will also lead to increased product availability and encourage investments in refineries and other parts of the downstream sector. It will also prevent diversion of petroleum products and set a stable environment for the downstream sector in Nigeria.
“We believe in the long term, that improved supply and competition will drive down prices.”
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Posted: at 11-05-2016 06:37 PM (8 years ago) | Addicted Hero
leodavinci at 11-05-2016 06:56 PM (8 years ago) (m)
Yawa dey o
Posted: at 11-05-2016 06:56 PM (8 years ago) | Upcoming
Nottingham at 11-05-2016 07:39 PM (8 years ago) (m)
You feel nothing? Do you buy PMS even with your huge salary and multiple allowances? Let politicians allowances be used in building industries and unnecessary convoy cars be given to the poor for cab
Posted: at 11-05-2016 07:39 PM (8 years ago) | Upcoming
Abeg oh..mak somebody no vex fr here oh,i need some1 way go help explain in a simple english wetin Subsidy mean..becos somtimes dat word too the confuse me.
Posted: at 12-05-2016 12:55 AM (8 years ago) | Newbie
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