Nigerian Government plans to reduce the pump price of petroleum to N85 per litre and to remove fuel subsidy come January 2016. The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, made the announcement to journalist on Christmas day in Port Harcourt Refinery Company (PHRC) while inspecting the refinery.
The new price will become effective as from January 1st, 2016 said the Minister. It was earlier reported that government want to increase petroleum price following the incessant fuel scarcity allover the country. But with the new announcement made by the Minister of State for Petroleum, such report have been debunked.
“So for the first time, people will understand that the pricing modulation I was talking about is not a gimmick. It is for real. We have gone to find out how we will be able to fluctuate this market to reflect what the reality of the crude market is. The objective is that one, we cannot afford to continue to subsidize”.