The Minister of Budget and National Planning, Senator Udo Udoma, while tackling questions from the State House correspondents at the Presidential Villa, Abuja today, has said the Federal government has decided to fix the maximum price of petrol at N145 per litre despite the liberalization of the product’s importation was meant to protect Nigerians.
Udoma explained that the decision to remove subsidy was taken to protect Nigerians from private operators who might want to be charging roof top prices. He also said the measure will be in place until the market stabilize.
He expressed the conviction that once the market steadies, the price of petrol would be lower than the current N145 per litre peg.
He said, “The price ceiling is a short time measure to protect Nigerians before the market steadies.
“This is because it is possible for private operators to take price to any level.
“We, however expect it to stabilise, and once that is achieved, the price will still be lower than that N145.”
