Nigerian Government officially removes fuel subsidy

The Federal Government of Nigeria has officially removed the country’s subsidy on fuel. The announcement was made by the Petroleum Products Pricing Regulatory Agency (PPPRA). Following the announcement,  petrol will now sell for N141.
Read the statement released by PPRA below.

“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.”