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JUST IN: FG removes subsidy, petrol now to sell for N145/ltr

By News Express on 11/05/2016

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The Federal Government has finally removed subsidy from sale Premium Motor Spirit (PMS), also known as petrol, with immediate effect, according to a Vanguard online report.

It quotes NNPC sources as saying this afternoon that marketers are now free to bring in cargoes and sell, subject to meeting standard quality control.

The source, 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.

•Photo shows Petroleum Minister of State, Dr. Ibe Kachikwu, recently fielding questions from newsmen.

Source News Express

Posted 11/05/2016 5:34:16 PM

 

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