Subsidy elimination: Marketers plan 30,000 gas stations and are seeking CBN loans

As PMS may sell for N750/litre, gas stations will cushion the effect of subsidy removal. Oil marketers have written to the Federal Government about their plan to build approximately 30,000 gas stations to mitigate the effects of the proposed subsidy removal on Premium Motor Spirit, also known as petrol. Nigerians are currently counting down the days until the projected date of subsidy removal in June 2023, as the call for palliatives to mitigate the impact of the subsidy halt gains traction. There are also projections that if the Federal Government removes the subsidy by June of this year, petrol will sell for around N750/litre. To help mitigate this, oil marketers requested in a letter to the Federal Ministry of Finance that the Central Bank of Nigeria release the N250 billion intervention fund for the National Gas Expansion Programme as loans to vehicle owners to purchase gas conversion kits.