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The Federal Government has said the increase in the pump price of petrol is inevitable even as it disclosed that N1trillion was saved from deregulation in six months.
Fuel price was on Wednesday increased from N148 to N161.56, the third of such increase in three months.
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But speaking at a press briefing in Abuja on Thursday, the Minister of State for Petroleum Resources Timipre Sylva said the government started deregulation of oil sector to save the country from going bankrupt as a result of subsidy payment.
Sylva said the rich were benefiting from subsidy payment to the detriment of the poor hence the removal.
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Source: Daily Trust
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