Sunday, 1 January 2012

Fuel subsidy removed

A statement by the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced that fuel subsidies have been removed effective today. Petroleum product marketers are to note that no one will be paid on PMS discharges after 1st January 2012. From today, Nigerians will now pay N141 per litter of gasoline starting from today January 1, 2012.

By this announcement, the downstream sub-sector of the Petroleum industry is hereby deregulated for PMS. Service providers in the sector are now to procure products and sell it in accordance with the indicative benchmark price to be published in two weeks.

The statement further assures that consumers will get adequate supply of quality products at prices that are competitive and non-exploitative, adding that there is no need for individuals to buy and hoard petroleum products.


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