The federal government has deregulated the downstream sector of the petroleum industry, which will raise the price of fuel to N145 a liter.
According to the Minister of State for Petroleum, Ibe Kachikwu, who made the announcement after meeting with top government officials in Abuja on Wednesday, the policy aims to increase the supply of fuel in Nigeria.
Stakeholders present at the meeting agreed that the primary cause of fuel scarcity in Nigeria is “the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the federal government.” This has prevented private oil marketers from meeting their 50 percent portion of the total national supply of Premium Motor Spirit (PMS).
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