Likewise, comparing the average price with the previous month (January 2023), the average retail price increased by 2.58 per cent from N257.12. At the time, the Federal Government had paid about N134bn as fuel subsidy payment. States with the highest average price of petrol were Abia (N146.87), Adamawa (N146.67) and Niger (N146.57). The Federal Government has continued to restate plans to remove fuel subsidy with a plan to deregulate the oil market by June this year. However, there are fears that the removal of fuel subsidy might be drastic for the populace as the countdown to the June 2023 date for subsidy removal inches closer.

Source: Punch April 12, 2023 13:48 UTC