Finally, the Federal Government has officially ended the subsidy regime on premium motor spirit, popularly known as petrol.
Henceforth, market forces will determine the cost of the product.
This was reached during an extensive meeting held at the headquarters of the Nigerian National Petroleum Corporation in Abuja.
Officials, who attended the meeting, said the price of petrol may start from N145 per litre, but explained that the government would strictly monitor compliance.
Minister of State for Petroleum Resources and GMD of the NNPC, Dr. Ibe Kachikwu is expected to announce in a briefing now at the Presidential Villa, shortly.
“We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria”, a source said.
The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).