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Wednesday, 11 May 2016

Breaking: FG finally removes subsidy from Petrol, now N145 per litre

Federal Government has finally removed subsidy from Premium Motor Spirit, commonly known as Petrol, it will now sell for N145 per litre.
Minister of State for Petroleum Resources and GMD of the NNPC, Dr. Ibe Kachikwu announced this shortly after a meeting at the Presidential Villa, late on Wednesday.
Finally, the Federal Government has officially ended the subsidy regime on premium motor spirit, popularly known as petrol.
It was earlier gathered that henceforth, market forces will determine the cost of the product.

This, according to our source, was reached during an extensive meeting held earlier at the headquarters of the Nigerian National Petroleum Corporation in Abuja.
Officials, who attended the meeting, said the price of petrol have said the new price would start from  N130 and can be up to but not exceeding  N145 per litre, and further explained that the government would strictly monitor compliance.

"On N135-N145 PMS band: NNPC Retail will compete fairly with other marketers in the big cities while staying close to N135 in remote areas."

There 13 frequently asked questions published by NNPC Group that meant to inform the consumers. Why the New Framework for Petroleum Products Supply, Distribution and Pricing? What are the Benefits?

Take a look :

“We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria”, a source said.
The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).

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