The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Nigeria is ending decades of subsidies paid to ensure uniform gasoline prices in Africa’s biggest oil
producer with crude prices at historical lows, the state-owned energy company said.
Official gasoline prices have been cut twice in as many weeks, a move the Nigerian National Petroleum Corp (NNPC) said was intended to bring them in line with the current market situation. Nigeria relies on fuel imports to meet its domestic needs with four ill-maintained state refineries barely functional.
“What we are putting in place is a situation where market forces will take control of prices and eliminate subsidy,†Mele Kyari, group managing director of the NNPC said.