Since May 31, 2023, when the program was formally put into effect, the Federal Government has already saved nearly N400 billion as a result of the elimination of the subsidy on Premium Motor Spirit, also known as gasoline, oil marketers reported on Thursday.
Additionally, given the Federal Government’s recent decision to float the naira against the US dollar, the oil merchants predicted that the price of gasoline will likely increase in July.
“Right now they (the government) are making money. At least with this removal of subsidy, the government has racked in hundreds of billions, whether in naira or dollar. This is because every month we know how much they lose before,” the National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated.
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