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Saturday, September 23, 2023

Petrol to be sold N537 per litre as Nigerian government removes fuel subsidy



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The price of Premium Motor Spirits (PMS) otherwise known as petrol is now N537 as the Nigerian government reportedly removed the fuel subsidy.

Sources close to the Nigerian National Petroleum Company Limited (NNPC Ltd) put petrol price in Abuja, Lagos, and Kano at N537, N488 and N540 per litre respectively.

The development which comes days after President Bola Ahmed Tinubu stated that the fuel subsidy is gone, has, however, thrown the downstream sector of Nigeria’s petroleum industry into confusion.

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, is yet to react to the development.

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Meanwhile, the President has scheduled a meeting with the Nigerian Labour Congress (NLC) over the removal of the fuel subsidy.

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