Minister of State for Petroleum Resources, Ibe Kachikwu says any Nigerian company is now free to import petroleum product into Nigeria subject to quality assurance and other guidelines by regulatory bodies. This announcement means fuel subsidy has now been removed.
The minister said that all Oil marketers will be allowed to import the product on the basis of foreign exchange procured from secondary sources and that PPPRA template will reflect this in the pricing of the product.
Further, Kachikwu said that new price band effective from 11th May, 2016, would put the retail price of petrol at N145 and below.
“Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre,”