Markets Forces Will Set Price as Nigeria Pulls Fuel Subsidy Plug

The Nigerian National Petroleum Corporation Chief Mele Kyari has said that fuel subsidy or under-recovery by the national government is now a thing of the past, saying that going forward, market forces will determine the pump price of petrol. This follows a sharp decline in the global price of crude oil as a result of the coronavirus pandemic, where Nigeria for the first time since 2016, reduced the retail price of petrol to U.S.$0.32 per litre.

 

 

 

 

(file photo).

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