Yesterday, the Federal Government removed subsidy on Premium Motor Spirit (fuel) and as a result, it will now sell for N145 per litre.
According to the Minister of State for Petroleum Resources, Ibe Kachikwu all Oil marketers will be allowed to import the product on the basis of foreign exchange procured from secondary sources and that PPPRA template will reflect this in the pricing of the product.
Further, Kachikwu said that new price band effective from 11th May, 2016, would put the retail price of petrol at N145 and below.
“Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre,” he said.
We now bring you some of the hilarious twitter reactions: