In a move that had been coming for a while, the Federal Government has finally made good on its promise to remove subsidy from the sale of fuel. sale of Premium Motor Spirit, PMS, also known as petrol with immediate effect.
According to the Vanguard, sources indicate that the NNPC have given leeway to marketers to bring in cargoes and sell at competitive prices., 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.
This is of course only if they meet the standard quality control. A price of N145 has been recommended as the pump price, this is believed by the government to attract a satisfactory amount of profit to any trader dealing in the commodity.
It will be recalled that the last time subsidy was removed it sparked arguably the largest protest in Nigeria’s history.
More details later