May 12, 2016

FG removes subsidy, petrol to sell for N145 per litre

The Federal Government has finally removed subsidy from sale of Premium Motor Spirit, PMS, also known as petrol with immediate effect.FUEL5

NNPC sources this afternoon said marketers are now free to bring in cargoes and sell, subject to meeting standard quality control.

It however added that a benchmark of N145 per litre, as a recommended pump price, at which any trader, irrespective of the source of foreign exchange used to import cargo is guaranteed adequate profit.

Details later…