will now start to sell for N145 per litre.
This removal was made on Wednesday, May 11.
Until the removal, the official price of petrol was N87 per litre
although consumers have been paying as much as N200 for fuel due to
scarcity.
The removal in fuel subsidy has been a lingering issue since President
Muhammadu Buhari took over power.
The minister of state for petroleum product, Dr Emmanuel Ibe Kachikwu
had said that the citizens were not benefitting from the subsidy which
made it necessary to be removed.
An official in the petroleum industry had earlier said the federal
government would deregulate the downstream sector of the Nigerian
petroleum industry so as to put an end to scarcity.
The petroleum minister in a statement said the decision was taken
based on the current challenges and that Nigerians have been paying
exorbitant prices for fuel.
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