Nigerian Government ends subsidy on petrol

Spread the love

The Nigerian Government has halted subsidy on petrol.This was according to a statement by Minister of State for Petroleum Resources, Timipre Sylva, on Thursday.

He said the decision was in line with the deregulation of the downstream oil sector as the move would boost the economic growth and development of Nigeria.

He said after a thorough examination of the economics, “the government concluded that it was unrealistic to continue with the burden of subsidising PMS to the tune of trillions of naira every year”.Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage the private sector to take over the role of supplying Petroleum Products,” he said.

The minister added that henceforth, market forces will determine the price at the pump.

He assured that the government would continue to play its role of regulation to ensure that the commodity was not priced arbitrarily by private sector suppliers.

4 Comments

  1. Heeehee! How many times you would be telling Nigerians that you have deregulate the stream sector, how I wish you (leaders) too be buying PMS and you would know the untold hardship that Nigerians are facing. May God help my country.

  2. *The Deregulation Of The Downstream Oil Sector As The Move Would Boost The Economic Growth And Development Of Nigeria.”

    We havw heard the above statement countlessly and we are yet to see any change

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Back to top button
Close

Adblock Detected

Disable Your Browser Adblocker For better Experince