Removal Of Fuel Subsidy,New Year Shocker From Fedreal Government
HERE IS MY FIRST POST OF THE YEAR
As will all know that the federal government of Nigeria did not go back to what they say about the removal of the the petroleum subsidy,as many Nigeria are rejoice for entering into new year why the federal government of Nigeria give us another welcome new year gist to the nation..FUEL SUBSIDY..some filling station are closed than now and the life cost of the nation will be high....their is no much post for me today...i just want to hear you opinion on removal of the fuel subsidy..here is the litter statement of the agency in oil sector..has finally announced the withdrawal of petroleum subsidy, meaning Nigerians will now pay N141 per litter of gasoline starting from today January 1, 2012.
PPPRA Announces Formal Removal of Subsidy on Premium Motor Spirit (PMS)
Following extensive consultation with stakeholders across the nation, the Petroleum Products Pricing Regulatory Agency (PPPRA) wishes to inform all stakeholders of the commencement of formal removal of subsidy on Premium Motor Spirit (PMS), in accordance with the powers conferred on the agency by the law establishing it, in compliance with Section 7 of PPPRA Act, 2004.
By this announcement, the downstream sub-sector of the petroleum industry is hereby deregulated for PMS. Service providers in the sector are now to procure products and sell same in accordance with the indicative benchmark price to be published forthnightly and posted on the PPPRA website.
Petroleum products marketers are to note that no one will be paid subsidy on PMS discharges after 1st January 2012.
Signed:
Reginald Stanley
Executive Secretary, PPPRA.
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