The Federal Government has finally removed subsidy from sale of Premium Motor Spirit, PMS, also known as petrol with immediate effect.
NNPC sources told VANGUARD Wednesday afternoon that marketers are now free to bring in cargoes and sell, subject to meeting standard quality control.
It however added that a benchmark of N145 per litre, as a recommended pump price, at which any trader, irrespective of the source of foreign exchange used to import cargo is guaranteed adequate profit.
The current pump price of petrol is N86 per litre at NNPC filling stations while independent marketers are allowed to sell at N86.50 per litre.
