The federal government on Wednesday announced oil marketers could now import petroleum products into the country, subject to existing quality specifications and other guidelines issued by regulatory agencies, thus putting an end to the regime of fuel subsidy.
The Minister of State for Petroleum Resources, Ibe Kachikwu, said that all Oil marketers will be allowed to import the product on the basis of foreign exchange procured from secondary sources and that PPPRA template will reflect this in the pricing of the product.
The Petroleum Minister further added that the new retail price for petrol would be N145 and below effective from 11th May, 2016.
“Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre,” Kachikwu said.
The minister explained that the decision to remove the subsidy was reached after a meeting attended by the leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions such as the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).