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Fuel subsidies are no longer in effect, according to President Bola Ahmed Tinubu, because continuing to pay them would have bankrupted the nation. Cities once again saw lines for gasoline. For the payouts, N3.36 trillion was allocated. Every borrowing the nation makes is impacted by it. The bond market rose in value. that we will encounter issues with them. In accordance with the Appropriations Act, as it actually transpired. When the economic indexes get challenging, it increases. Every three litres are being subsidised by the government with N100. After the meeting, Kyari spoke to the media and reported that the nation's refineries were being restored. The rehabilitation effort is ongoing. The withdrawal of the subsidies, according to Kyari, who observed that the party was better informed.

The Nigerian National Petroleum Company (NNPCL) Limited, yesterday reduced the retail price of the premium motor spirit (PMS) or petrol, across its retail outlets in the country. In Lagos, petrol at the NNPCL retail outlets sold at N860 per litre, from a previous N945 per litre. The same commodity sold in Abuja at N880 per litre from a previous N965. he latest price cut comes barely two weeks after the NNPCL reduced the pump price in Lagos to N945 per litre and five days after the Dangote Refinery implemented a reduction in the price of the same commodity across the MRS stations and its affiliate filling stations. Confirming the development, a commercial driver Audu,  said he bought petrol at the NNPCL station in Lekki at N860 per litre. “At about 2pm yesterday, the station in Lekki had displayed the new price; so I bought at the new price,” he confirmed. Stakeholders however see this development as a good one for the Nigerian public. Besides, they argued that it is one of the gains of deregulation which allows for market forces to determine pricing of commodities. While they agreed that the price cut can be sustained, however, caution, they said, must be applied to ensure that it is a healthy competition.