Nigeria to scrap fuel subsidies

ABUJA: Nigerian authorities announced on Sunday that a controversial plan to scrap fuel subsidies will be effective from Jan. 1, according to a statement from the Petroleum Products Pricing Regulatory Agency (PPPRA).

"The Petroleum Products Pricing Regulatory Agency wishes to inform all stakeholders of the commencement of the formal removal of the subsidy on Premium Motor Spirit," the letter signed by PPPRA executive director Reginald Stanley said.

"Petroleum products marketers are to note that on one will be paid a subsidy on PMS discharges after 1st January 2012," it added.