According to a Premium Times News report, the Federal Government of Nigeria may reduce the pump petrol prices to N85 per litre as from January 1, 2016.
This was made known by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu during a visit to the Port Harcourt Refining Company in Rivers State on Friday. He also announced his signing off of a new pricing template that removes the payment of subsidy on petrol.
It was also cited in the news report that Mr. Kachikwu believes the country can no longer subsidise, and must figure out a way to reflect the true reality of the crude market.
Source: Premium Times