The federal governemnet has finally removed fuel subsidy. Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement on Sunday.
In a statement, the agency said a litre of petrol, Premium Motor Spirit,PMS, will now sell for N141.
The statement reads:
” Following extensive consultation with stakeholders across the nation, the Petroleum Products Pricing Regulatory Agency (PPPRA) wishes to inform all stakeholders of the commencement of formal removal of subsidy on Premium Motor Spirit (PMS), in accordance with the powers conferred on the agency by the law establishing it, in compliance with Section 7 of PPPRA Act, 2004.
”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 same in accordance with the indicative benchmark price to be published forthnightly and posted on the PPPRA website.
”Petroleum products marketers are to note that no one will be paid subsidy on PMS discharges after 1st January 2012.
”Consumers are assured of adequate supply of quality products at prices that are competitive and non-exploitative and so there is no need for anyone to engage in panic buying or product hoarding.
The PPPRA in conjunction with the Department of Petroleum Resources (DPR) will ensure that consumers are not taken advantage of in any form or in any way.
”The DPR will ensure that the interest of the consumer in terms of quality of products is guaranteed at all times and in line with international best practice.”
In the coming weeks, the PPPRA will engage stakeholders in further consultation to ensure the continuation of this exercise in a hitch-free manner.
Vanguard Nigeria
oga ooo! Where are we Nigerian helding to…. From N65 to N141 difference of N76. Just tell me my people….
Dis is a direct declaration of war on d gud people of dis country & Nigerians must b ready 2 take their destiny in their own hands by joinin d progressive minds on d streets 2 demand a return 2 d status quo….If we fight,we may win!
Dis shows wat a nation we are. D parodical irony of a bless nation.
these high time we stand and fight for our right bt nigerian r very weak they wil soon give up d fight.God help us
i am so in support of the remover of the fuel subsidy…..it has never been active in the Country….we just keep paying for what it not of any benefit to the country…..so why shouldn"t we just stop paying for what is not help the country…..the money we spend on fuel subsidy….if at least we spend it on other things in Nigeria….that should be helpful….what am i sying…some civilian don"t even know meaning of fuel subsidy and it"s use…all they want it just to remain the same……