"We won't remove subsidy". Federal Government.

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The Nigerian government says contrary to speculations, it is not interested in the removal of subsidy on petroleum products, but rather a price modulation that will reduce its involvement in pricing starting 2016.
  

The Minister of State for Petroleum, Dr Ibe Kachikwu, briefed reporters of the government’s position on Thursday.
97 Naira Per Litre Projection
Dr Kachikwu said a periodical review of the Petroleum Pricing Template and a flexible management of the pricing system would be considered.
He said the review would allow marketers to trade freely and reflect prevailing international price of crude.
According to him, the review will be the key focus in the first quarter of the coming year.
He said the 97 Naira per litre projection would be a cap on the price of fuel with a gradual increment between the band of the current price of 87 Naira and 97 Naira until a fair price is reached in the pricing review.
The oil-rich nation is currently grappling with one of the worst fuel scarcity the nation has faced in recent time, with some service stations selling petrol higher than the 87 Naira official price.
Some service stations have been penalised by the regulatory agencies, but critics have said the agency lacked the manpower to effect adequate monitoring of the marketers activities.

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