The Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed the real reason behind the removal of the fuel subsidy, adding that the deregulation of the petroleum sector was inevitable.
Sontonye Iyoyo, the acting executive secretary of PPPRA, said the new price is a measure put in place to help marketers overcome difficulties they were facing in fuel importation, Premium Times reports.
Iyoyo noted that the review of the fuel price became necessary due to difficulties encountered by petroleum products marketers in sourcing for FOREX.
She said: “This review became imperative in the face of extreme difficulties faced by petroleum product importers in sourcing foreign exchange.”
Nigerians have given mixed reactions after the announcement of the fuel subsidy removal which implies fuel will now sell for N145/litre rather than N86.50 on Wednesday, May 11, after
It is still unclear whether this is a deregulation or a reaction to the FX issues currently being faced by the country
I hope the regulations work!