The removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, was earlier scheduled to take effect from July 2022. Experts continue to express different views to the latest suspension of the removal of subsidy as prescribed in the recently passed Petroleum Industry Act 2021. They underscored the need for subsidy removal, the need to get local refineries working optimally and deregulate downstream segment of the petroleum industry, as clearly prescribed by the petroleum industry law. Dr Muda Yusuf, an economic expert, said that the capitulation on the subsidy removal did not come as a surprise; rather there were many odds against the move. “Meanwhile, attracting investment into the oil and gas space will be extremely difficult going forward,’’ the expert noted.

Source: The Guardian February 06, 2022 23:11 UTC