Abuja — It first came as subsidy removal, which was done 10 times under the Olusegun Obasanjo, then the nomenclature changed to deregulation under Musa Yar'Adua and Jonathan governments. Now, the new name for non-subsidy for domestic consumption of petroleum products by government is 'price modulation'.
Indeed, in reeling out the terms few weeks ago, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, explained that the rationale behind adoption of price modulation was to navigate the mistakes of the past in the nomenclature given to allowing market forces determine the price of petroleum products.
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