BREAKING: FG pegs fuel price at N1,350 per litre

The Federal Government has has pegged the terms of Premium Motor Spirit, PMS, different known arsenic petrol to N1,350 per litre.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this announcement connected Thursday during a property briefing connected petrol prices and subsidy-related issues successful Abuja.

According to him, the statement was designed to support petrol prices stable, stressing that it was neither a subsidy nor a signifier of terms control.

“We are introducing terms modulation. The authorities is negotiating a ceiling of N1,350 per litre connected the ex-gantry oregon landing outgo of petrol to support the terms stable.

“When costs emergence supra the ceiling, refineries and importers volition transportation the shortfall and retrieve it later. This is neither a subsidy nor terms control,” helium said.

Oyedele further revealed that nether the projected arrangement, refineries and importers would sorb immoderate costs supra the agreed ceiling and retrieve the quality later.

He arsenic announced plans for the guardant merchantability of crude lipid to home refineries arsenic portion of efforts to shield petrol prices from volatility successful the planetary market.

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