Kyari, speaking during an interview with Channels TV on Sunday, explained that the subsidy previously created a substantial price gap between Nigeria and its neighbouring countries, making fuel smuggling highly profitable. “Before the subsidy removal, the price difference was huge, and that incentivised smugglers to move fuel across borders,” Kyari noted. He said that eliminating the subsidy has “effectively calibrated fuel prices,” stripping away the profitability of illegal fuel trade. “The removal of fuel subsidy in Nigeria has been a game-changer in the fight against cross-border smuggling,” Kyari stated. The subsidy removal, Kyari stressed, not only reduces smuggling but also fosters price parity, contributing to a more stable and fair energy market.

Source: The Guardian October 14, 2024 22:31 UTC