FG Removes Fuel Subsidy, Reduces Pump Price

The Federal Government has made its intentions known to reduce pump price of petrol to N85 per litre, come January 1.

Vanguard reports that the Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, addressed newsmen during a tour of the Port Harcourt refinery yesterday, December 25.He said that the Federal government is working to reduce the pump price of petrol to about 85 or 86 naira per litre by Jan 1st. He said:

Fuel Price To Reduce - FG

According to the vice president,prof. Yemi Osinbajo, the Muhammadu Buhari administration is working on ensuring that private refineries work, while reducing importation of refined petroleum by making sure the NNPC sticks to its main function of regulating the sector.

He said; "We are unbundling the NNPC so that its various components are effective core centres and are able to do their business well
We are going to have private refineries at the site of the old refineries, so they can benefit from the available infrastructure.