The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday.
Also, the oil dealers stated that there was a high possibility for the cost of petrol to rise in July, going by the recent floating of the naira against the United States dollar by the Federal Government.
The Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, 2023, allowing market forces to determine the exchange rate.
“Right now they (the government) are making money. At least with this removal of subsidy, the government has racked in hundreds of billions, whether in naira or dollars. This is because every month we know how much they lose before,” the National President, the Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated.
