FG removes fuel subsidy, petrol to now sell for N145 per litre

The Federal Government has removed subsidy on petrol, as the product will now sell for N145 per litre,

The fuel subsidy removal was announced on Wednesday, May 11, 2016.

The government had hinted on Tuesday, May 10, that it would announce new policy on fuel subsidy today.

While preparing Nigerians for the hardship ahead, Vice President Yemi Osinbajo had said that the government would have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.

“No matter how we slice it, we are in economic times that are challenging, but they provide us with some of the best opportunities for making a real difference in our economic life.

“I think that we are at a point that a lot has been said about subsidies and what to do with subsidies. I think we are at a point where we must make many difficult decisions and make very tough choices.

“But I think the Nigerian people are prepared for all what is required and all it would take to make a real difference," Osinbajo, who spoke at the third Ogun State Investors’ Forum held in Abeokuta on Tuesday, said.

READ: Fuel Subsidy - PPPRA says no going back on removal

However, details of the subsidy removal are still sketchy.

UPDATE:

The fuel subsidy removal was announced in Abuja at a meeting of stakeholders - the leadership of the Senate, House of Representatives, Governors' Forum and the Labour Unions (NLC, TUC, NUPENG and PENGASSAN).

According to a statement signed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Vice President, Yemi Osinbajo presided over the meeting, where it was agreed that putting new pump price at N145 per litre is the best solution to the current fuel crisis across the country.

See screenshot of the statement below: