Fuel Subsidy Removal: Watch Ibe Kachikwu Explain the Details and the Benefits of the New Price Regime

In this interview on Channels Television‘s Sunrise Daily, Minister of State for Petroleum Resources, Ibe Kachikwu explains the benefits of the new price regime for petrol.

Kachikwu said that with the new system in place, anyone can source for foreign exchange and import
the refined product to sell at their own price, but not exceeding N145 per litre.

When asked if this means that the Federal Government has deregulated the sector, Kachikwu said, “I try not to get into the semantics of deregulation or no deregulation”, adding that the government is liberalizing, and freeing up the business.

He also said that with this new system, Nigerians will be surprised at how low the price of the product will become in the next 6 months.Watch here: