Nigeria removes oil subsidy

Nigeria's Petroleum Products Pricing Regulatory Agency (PPPRA) on Sunday announced the commencement of formal removal of subsidy on Premium Motor Spirit (PMS) in the West African country. The regulatory agency boss, Reginald Stanley, disclosed this in a statement issued to reporters, saying the agency's decision was in accordance with the powers conferred on the agency by the law establishing it, in compliance with Section 7 of PPPRA Act, 2004. The downstream sub-sector of the petroleum industry is hereby deregulated for PMS, the statement quoted him as saying. "Service providers in the sector are now to procure products and sell same in accordance with the indicative benchmark price to be published forthnightly and posted on the PPPRA website, he added. The agency chief said petroleum products marketers are to note that no one will be paid subsidy on PMS discharges after Jan. 1, 2012.