Oil-rich Nigeria ends petrol subsidies
02 January 2012, 09:52
Abuja - Nigeria's government says it is ending petrol subsidies, a
move that is sure to be unpopular in an oil-rich nation where citizens
have come to expect cheap petrol as one of their few government
The Petroleum Products Pricing Regulatory Agency
announced on Sunday that it would stop paying the subsidy to petroleum
importers, effective immediately.
The agency assured customers prices would be competitive.
The move could see petrol prices increase from the current level of about US45c per litre.
The government estimated it could save $8bn by phasing out subsidies, and planned to use that money to help the poor.
is a top producer of crude, but virtually all of its petroleum products
are imported after years of graft, mismanagement and violence at its