President Goodluck Jonathan on Tuesday said the
Federal Government would still remove fuel subsidy.
The President said at the Nigeria Summit, which held
in Lagos, “We cannot continue to waste resources meant for a greater number of
Nigerians to subsidise the affluent middle class, who are the main
beneficiaries (of fuel subsidy).
The removal was, however, vehemently rejected by the
citizens, who staged weeklong mass demonstrations in major cities of the
country, forcing the government to partially remove the subsidy and reduce
petrol price from N141 to N97 a litre.
According to the Petroleum Product Pricing
Regulatory Agency’s pricing template, the landing cost of a litre of petrol is
currently N131.10, with total distribution margins of N15.49, thus bringing the
total cost to N146.59.
This means that if the government eventually removes
the subsidy, Nigerians will be paying a minimum of N146.59 per litre of petrol
at filling stations.
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