Oil marketers have said the Federal Government has so far saved about 400 billion naira as a result of the removal of subsidy on petrol, since May 31, 2023, when the initiative was officially implemented.
Also, the oil dealers stated that there was a high possibility for the cost of petrol to rise in July, going by the recent floating of the naira against the United States dollar by the Federal Government.
Recall that, the Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, allowing market forces to determine the exchange rate.
Operators in the downstream oil sector revealed that going by the revelation of the Nigerian National Petroleum Company Limited
as regards the amount being spent previously on subsidy every month, Nigeria had now saved hundreds of billions after halting the subsidy administration in May.