Breaking: Petrol to now sell for N145 as FG officially removes subsidy

The Federal Government of Nigeria has finally removed the subsidy it placed on premium motor spirit commonly known as petrol.

The removal of the subsidy on petrol is with immediate effect even as the Minister of state for petroleum services, Ibe Kachikwu stated in a statement released on Wednesday, May 11 that  any Nigerian entity is now allowed to bring in cargo for sale upon meeting standard quality control.

The removal of subsidy means that market forces would be allowed to determine the price of petrol across the country as against the Federal Government who normally sets pricing.

Even with the freedom of determination of pricing, it is recommended however that at a benchmark of N145 per litre, an oil marketer would still make adequate profit no matter where the fuel was imported from.

It is on this premise that the Federal Government promised that the price of petrol would not exceed the set N145 per liter.

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