Clearing agents have expressed fear that the removal of fuel subsidies would lead to a 100 per cent increase in clearing costs. He said, “Before now, clearing work has been low; there has been a drop of about 40 per cent in importation. In as much as we can’t say the problem with clearing is the fuel subsidy removal because it has not been long since the issue of subsidy came on board. So, the fuel subsidy removal will cause an increase in the clearing cost, talking about logistics costs. For transport, it is about a 200 per cent increase within the terminal for most of them.

Source: Punch June 11, 2023 04:04 UTC