After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre.
This policy represented a marked upward adjustment from a fixed peg of N86.50/litre introduced in January, clearly implying that subsidy would no longer be paid on any price differential between the total retail costs (including distribution margins)
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