Lagos - The Federal Government says that the new pricing system it implemented for Premium Motor Spirit, also know as petrol, was done to tackle the fuel scarcity in the country, Vanguard reports.
The government added that it was forced into integrating this new pricing system as it was putting a strain on the oil sector, economy and contributing to the massive shortages of petrol.
Also read: New fuel price: Naira depreciates by N14 to N334/dollar
The new prices of fuel, which sees an increase from N86.50 to N145 per litre has left many outraged with protests being planned against the Federal Government.
Punch reported that the new price template would potentially create jobs through the envisaged new investments in refineries and retailing of crude oil products.
The Government has pleaded with the public to show patience and have now said that approximately 200,000 jobs will be created by the subsidy removal of fuel.
The move, according to government officials was signed off by President Muhammadu Buhari, who is doing this with good intentions for the future of Nigeria.
For more on this story, visit Vanguard.
- News 24