Petrol may sell for N97 - TheNation .

Nigerians were yesterday told to prepare for some tough decisions next year.

Petrol subsidy will go to save cash for capital projects. This will likely push up price from N87 a litre to the former N97.

“Price of refined products today is N87. It was N97 before it was reduced and we really have to go back to that because we don’t really have the finance to remove it,” Minister of State for Petroleum Resources Ibe Kachikwu said.

“There are lots of safety barometer between the N87 and N97per litre regime between which government doesn’t not have to fund subsidy.

“Yet the prices would be fairly close to what it used to be today. That is the first mechanism we are going to work,”Kachikwu told a joint meeting between the Senate and House of Representatives for the consideration of the 2016, 2017 and 2018 Medium Term Expenditure Framework (MTEF).

Minister of Budget and Planning Udoma Udo-Udoma spoke of strict measures which may lead to more austere conditions.

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