• FG plans to pay oil marketers N163m fuel subsidy daily

    FG plans to pay oil marketers N163m fuel subsidy daily

    There are strong indications that the Federal Government would start paying N163m daily as fuel subsidy to oil marketers because of the slight increase in crude prices.

    A survey of markets around the world showed that oil prices, including Nigeria’s Bonny Light 1have increased from about $29 to $40 per barrel, meaning additional cost to refining companies, which pass the high cost to traders.

    Consequently, Petroleum Product Pricing Regulatory Agency, PPPRA, which had discouraged government from paying subsidies because of prolonged era […]