The Federal Government has finally removed subsidy from fuel, the product will now sell at 145 naira per liter. Minister of State for Petroleum Resources, Ibe Kachukwu stated this at a brief media chat with State House Correspondent. The move according to the Minister of State for Petroleum Resources is to ensure a total deregulation of the downstream sector of the Oil industry. The Minister maintains that price of petrol will not be more than 145 naira.
With this development, according to Federal Government importation of Petroleum Products into the country is no longer restricted. It will be recalled, that partial removal of fuel subsidy in January 2012 by the administration of former President Jonathan was greeted with protest across the Nation. Economic watchers are saying the new development may aggravate the economic hardship in the country.
