Just In: Government Removes Subsidy, Petrol to Sell For N145 per litre

The Federal Government of Nigeria has finally removed subsidy from the sale of Premium Motor Spirit, PMS, also known as petrol with immediate effect.

NNPC sources said "marketers are now free to bring in cargoes and sell, subject to meeting standard quality control"; However, a benchmark of N145 per litre, as a recommended pump price, at which a trader, irrespective of source of foreign exchange used to import is guaranteed adequate profit.

Black marketers selling for N150 to N250 per liter will disappear as there will now be petrol everywhere.