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LequteMan
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Nigeria- With the fall in global oil price and the recent reduction in petrol pump price, many will think FG would immediately remove fuel subsidy and free up funds for the government. However the Minister of Petroleum has a different opinion, she says FG will pay fuel subsidy for 40 more days. Punch reports:
The government explained that fuel consumed in Nigeria was “heavily subsidised” before the global crunch in crude oil prices, adding that it would take some time before subsidy on the product would stop.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, while explaining why the pump price of fuel in Nigeria did not reduce as soon as global crude oil prices plummeted, said Nigeria was importing against the global import prices for crude.
“Bear in mind that we will still be covering subsidy cost for at least 40 days for those marketers who had already brought in stock, there should be no issue with distributing the product at the lower price,” the minister said.
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#Nigeria #Fuel #Subsidy
The government explained that fuel consumed in Nigeria was “heavily subsidised” before the global crunch in crude oil prices, adding that it would take some time before subsidy on the product would stop.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, while explaining why the pump price of fuel in Nigeria did not reduce as soon as global crude oil prices plummeted, said Nigeria was importing against the global import prices for crude.
“Bear in mind that we will still be covering subsidy cost for at least 40 days for those marketers who had already brought in stock, there should be no issue with distributing the product at the lower price,” the minister said.
click here to read more
#Nigeria #Fuel #Subsidy
