FG reintroduces fuel subsidy after two months of its removal, still retains official fuel price - The Galaxy Times | No.1 News hub in Rivers State and Nigeria

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Sunday, 3 April 2016

FG reintroduces fuel subsidy after two months of its removal, still retains official fuel price






The Federal Government has returned the subsidy on petroleum products that was stopped in January 2016. The Government says the subsidy on the product will be N5.84 for every litre of premium motor spirit (PMS) consumed in the country though the current official price of N86 per litre is still in place.
Despite the official price of N86, Nigerians are still buying the product at prices ranging from N120 to N300 nationwide and also there has been scarcity of fuel in the country for some months now.


The agency responsible for the regulation of the price of petroleum product, PPPRA through the Executive Secretary , Mrs. Sotonye Iyoyo, said, “The agency is retaining the retail prices of N86.00 for the NNPC, and N86.50 for the other marketing companies. The pump price of household kerosene also remains unchanged from what it was in the last quarter.

“Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets. PPPRA, however, shall continue to monitor the global oil market performances, and come up, at appropriate time, with reasonable changes consistent with the newly-adopted price modulation principles.”
On the scarcity of fuel in the country, the Federal Government has assured Nigerians that the scarcity will end very soon though Nigerians still do not know when

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