Fuel Subsidy To End After President Signs PIB – Minister

Nigerians will no longer enjoy fuel subsidy after President Muhammadu Buhari assents the Petroleum Industry Bill (PIB), according to the Minister of Petroleum, Chief Timipre Sylva, announced on Monday.

Sylva said this on Monday while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja.

The Petroleum Minister asserted it was best for Nigeria that the Federal Government ends subsidy on petrol, insisting that the recently passed PIB had no provision for subsidy.

He stated that PIB is prepared to ensure petroleum products are sold at market determined prices.

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The minister said, “This (subsidy removal) is desirable for the interest and growth of Nigeria. Of course, everybody will have their perspectives, but from where I sit, I believe that subsidy removal is the best thing for Nigeria, not just the industry.

“So far, the discussions with stakeholders are still ongoing. But I will also bring it to your attention that today, when the President assents to the PIB, subsidy will become a matter of law, because it is already in the PIB that petroleum products will be sold at market determined prices.”

In the same development, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari had stated that landing price of petrol is about N256 per litre.

However, petrol goes for sale between N162 to N165 in some part of the country.